Sub-groups to discuss cooperation in areas of digital trade
The India-Korea Comprehensive Economic Partnership Agreement (IK CEPA) negotiations are being accelerated following the 12th round of talks held in New Delhi 25-27 May with the air of calling it a “Futuristic Partnership”.
The negotiations were co-chaired by Kapil Chaudhary, Joint Secretary, Department of Commerce, Ministry of Commerce and Industry, and Park Geun-oh, Director General for Trade Agreement Policy, Ministry of Trade, Industry and Energy (MOTIE).
“The discussions were held in a constructive and cooperative spirit, reflecting the strong bilateral relationship and the “Futuristic Partnership” envisioned by Prime Minister Narendra Modi and President of South Korea Lee Jae-myung,” the Ministry of Commerce and Industry said on 28 May.
Both sides acknowledged India’s bilateral trade deficit, which has risen significantly since the IK CEPA came into force in 2010, and agreed to address the issue within the overall IK CEPA framework.
During the current round, discussions were held on Trade in Goods (TiG), Trade in Services (TiS), Rules of Origin (RoO) and Origin Procedures (OP), Investment, and Sanitary and Phytosanitary (SPS) standards.
It was also decided to constitute sub-groups to discuss cooperation in the areas of digital trade, supply chain cooperation, and strategic industrial cooperation.
India and South Korea reaffirmed their commitment to conclude the CEPA upgrade negotiations in a time-bound manner, with the objective of achieving a modernised and mutually beneficial agreement that supports the shared vision of balanced bilateral trade and enhanced cooperation, the Ministry said. fiinews.com
