Finance
Pursuant to the Joint Declaration signed on 20 April 2026 by Union Minister of Commerce and Industry Shri Piyush Goyal and Korean Trade Minister , Ministry of Trade, Industry and Resources Mr. Yeo Han-koo during the State Visit of the President of the Republic of Korea to India, wherein both sides committed to accelerating the India-Korea Comprehensive Economic Partnership Agreement (IK CEPA) upgrade negotiations, the 12th round of IK CEPA upgrade negotiations was held in New Delhi from 25–27 May 2026.
The negotiations were co-chaired by Ms. Kapil Chaudhary, Joint Secretary, Department of Commerce, Ministry of Commerce and Industry, Government of India, and Mr. Park Geun-oh, Director General for Trade Agreement Policy, Ministry of Trade, Industry and Energy (MOTIE), Republic of Korea.
Both sides reviewed the progress achieved so far in the IK CEPA upgrade negotiations. The discussions were held in a constructive and cooperative spirit, reflecting the strong bilateral relationship and the “Futuristic Partnership” envisioned by Prime Minister Shri Narendra Modi and President of the Republic of Korea Mr. Lee Jae-myung.
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 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.
Source: PIB
