Korea and India to upgrade trade pact

An Indian delegation for the ninth round of talks to upgrade the Comprehensive Economic Partnership Agreement in Seoul on Nov. 3, 2022. [YONHAP]

Korea and India will launch a new round of negotiations Tuesday to upgrade their bilateral trade pact, Seoul's trade ministry said.

The 10th round of talks to upgrade the Comprehensive Economic Partnership Agreement (CEPA) will kick off in New Delhi later in the day for a two-day run, according to the Ministry of Trade, Industry and Energy.

The bilateral CEPA was implemented in January 2010, and the two sides began talks for its revision in 2015 to better reflect changing global trade circumstances.

The last session took place in November 2022 after a three-year hiatus due to the Covid-19 pandemic and other issues.

During the upcoming round of negotiations, the two sides are expected to discuss ways to improve the deal regarding tariffs on goods and services, investment and origin rules, among other issues, officials said.

"The economic partnership with India, a global economic power, is crucial at a time when we are facing global supply chain instability and growing economic uncertainties. We will strive to reach an agreement to make the pact mutually beneficial," top negotiator Ahn Chang-yong said.

Two-way trade stood at an all-time high of $23.66 billion in 2021, according to government data.

Yonhap