India raised serious concerns on the growing trade deficit with South Korea
India and South Korea have agreed to work closely to address tariff and non-tariff barriers and deepen relationship in services sector during the 9th round of India-Republic of Korea Comprehensive Economic Partnership Agreement (CEPA).
The two sides underlined the need to have negotiations, which are based on win-win approach, are forward looking and outcome oriented, the Commerce and Industry Ministry said on 4 Nov 2022.
The CEPA up-gradation negotiation was held in Seoul from 3-4 November 2022.
Both sides shared the hope that the CEPA upgradation negotiations would play an important role in strengthening and deepening economic cooperation between both countries.
Sub Groups on Trade in Goods, Services, Rules of Origin, Investment, technical barriers to trade and sanitary and phytosanitary (TBT/SPT) issues were discussed.
India raised serious concerns on the growing trade deficit between the two countries and discussed market access issues.
The two sides also shared a common view that utmost efforts should be made to expedite negotiations in order to reach a mutually beneficial and satisfactory outcome during 2023, while taking note of the importance of the upcoming 50th anniversary of diplomatic relations between the two countries.
The Chief Negotiators also shared the view that both sides should promote conducive trade environment to enable both sides to fully utilize benefits under the CEPA.
It was agreed that the 10th round of CEPA upgradation negotiations will be hosted by India in early 2023.
The Indian delegation was led by Chief Negotiator Anant Swarup, Joint Secretary, Department of Commerce, while the Korean side was led by their Chief Negotiator Yang Ghi-Wuk, Director General, Ministry of Trade, Industry and Energy (MOTIE). fiinews.com
