New Delhi, May 28 (IANS). India and South Korea on Thursday decided to form a dedicated sub-group to take forward negotiations on digital trade, supply chain cooperation and strategic industrial partnership under the upgrade of the Comprehensive Economic Partnership Agreement (CEPA).
The official statement said the decision was taken in talks held in line with the joint declaration signed by Union Commerce and Industry Minister Piyush Goyal and Korean Trade Minister Yeo Han-ku on April 20 during the visit of the Korean President to India.
According to the statement, the two sides reviewed the progress made so far in the CEPA upgrade talks and held discussions in a “constructive and cooperative spirit”, reflecting the “futuristic partnership” envisioned by Prime Minister Narendra Modi and South Korean President Lee Jae-myung.
“Both sides reviewed the progress made so far in the India-South Korea CEPA upgrade talks,” the Ministry of Commerce and Industry said.
“The talks were held in a constructive and cooperative spirit, reflecting the strong bilateral ties and the ‘futuristic partnership’ envisioned by Prime Minister Narendra Modi and South Korean President Lee Jae-myung,” the statement further said.
In the new round of talks, negotiators discussed a range of areas including trade in goods, trade in services, rules and procedures of origin, investment and sanitary and phytosanitary standards.
India and South Korea also acknowledged the growing bilateral trade deficit since the implementation of CEPA, signed in 2010, and agreed to resolve the issue within the broader CEPA framework.
Both countries reaffirmed their commitment to complete the CEPA upgrade negotiations in a timely manner with the aim of achieving a modern and mutually beneficial agreement that promotes balanced bilateral trade and stronger economic cooperation.
–IANS
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