India, South Korea flags
New Delhi: India and South Korea are expected to hold negotiations on May 25 regarding the review of the comprehensive economic partnership agreement (CEPA), which was implemented in January 2010, an official said.
The deliberations are important as India has suggested Korea to consider negotiating a fresh bilateral trade agreement to make it more contemporary and address concerns of the trade deficit.
"The officials of the two countries are meeting on May 25 for the FTA review," the official said.
Last month, in a bilateral meeting here, Commerce and Industry Minister Piyush Goyal made the suggestion to negotiate a fresh FTA to his Korean counterpart Yeo Han-koo.
The minister, on multiple occasions, flagged India's concerns over the widening trade deficit between the two countries.
India's exports to Korea declined 9.3 per cent to USD 5.81 billion in 2024-25 from USD 6.41 billion in 2023-24. Imports fell marginally by 0.34 per cent to USD 21 billion in 2024-25, leaving a trade deficit of USD 15.19 billion. It was USD 8 billion in 2020-21.
The two countries aim to double their two-way commerce to USD 54 billion by 2030 from the current USD 27 billion while ensuring a more balanced trade relationship.
The deliberations are important as India has suggested Korea to consider negotiating a fresh bilateral trade agreement to make it more contemporary and address concerns of the trade deficit.
"The officials of the two countries are meeting on May 25 for the FTA review," the official said.
Last month, in a bilateral meeting here, Commerce and Industry Minister Piyush Goyal made the suggestion to negotiate a fresh FTA to his Korean counterpart Yeo Han-koo.
The minister, on multiple occasions, flagged India's concerns over the widening trade deficit between the two countries.
India's exports to Korea declined 9.3 per cent to USD 5.81 billion in 2024-25 from USD 6.41 billion in 2023-24. Imports fell marginally by 0.34 per cent to USD 21 billion in 2024-25, leaving a trade deficit of USD 15.19 billion. It was USD 8 billion in 2020-21.
The two countries aim to double their two-way commerce to USD 54 billion by 2030 from the current USD 27 billion while ensuring a more balanced trade relationship.
