General Manager of Trade Headquarters Visits India to Discuss CEPA Improvement Negotiations... 40% Increase in Trade Last Year

Meeting Between Piyush Goyal, Indian Minister of Commerce and Industry, and Korean-Indian Trade Ministers

[Sejong=Asia Economy Reporter Kwon Haeyoung] The government is discussing the resumption of negotiations to improve the Comprehensive Economic Partnership Agreement (CEPA) with India, a key partner in the New Southern Policy.

According to the Ministry of Trade, Industry and Energy on the 9th, Ye Han-gu, the head of the Trade Negotiations Office, will visit India from the 10th to the 12th (local time) to hold a Korea-India trade ministerial meeting with Piyush Goyal, India's Minister of Commerce and Industry.

Despite the spread of COVID-19, the trade volume between Korea and India in 2021 reached a record high of $23.6 billion, a 40.5% increase compared to the previous year.

The two sides plan to discuss the resumption of Korea-India CEPA improvement negotiations and trade cooperation measures between the two countries in areas such as supply chains and digital sectors. They will exchange views on strengthening CEPA's role as an economic cooperation platform, including ▲facilitating trade ▲expanding investment ▲establishing stable supply chains.

The Korea-India CEPA has played an important role in expanding trade and investment between the two countries since it came into effect in January 2010. The two countries conducted improvement negotiations after 2015, but these were suspended after June 2019 due to COVID-19 and other factors.

Additionally, Director Ye will hold a forum with major Indian economic organizations and think tank experts to explore joint Korea-India responses and economic cooperation measures regarding changes in the trade environment, such as the formation of a new trade order in the Asia-Pacific region. He will also hold meetings with Korean companies operating in India to listen to their difficulties and provide management support activities.

An official from the Ministry of Trade, Industry and Energy stated, "The Korea-India CEPA improvement negotiations are significant in that they secure the Indian market with a population of 1.4 billion, which did not participate in the Regional Comprehensive Economic Partnership (RCEP), thereby completing cooperation within the RCEP economic zone, the world's largest free trade agreement (FTA), and advancing the New Southern FTA."

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