The issue came up for discussion during the ninth round of the India-Republic of Korea (ROK) Comprehensive Economic Partnership Agreement (CEPA) upgrade talks.
The issue came up for discussion during the ninth round of the India-Republic of Korea (ROK) Comprehensive Economic Partnership Agreement (CEPA) upgrade talks.
India has raised its “serious” concerns over the growing trade deficit with South Korea, which stood at around $9.5 billion in 2021-22, an official statement said on Friday.
The issue came up for discussion during the ninth round of the India-Republic of Korea (ROK) Comprehensive Economic Partnership Agreement (CEPA) upgrade talks, which were held in Seoul on 3-4 November.
Both sides underlined the need to negotiate on the basis of a win-win approach and are forward-looking and result-oriented.
During the meeting, sub-groups on trade in goods, services, rules of origin, technical barriers to investment, sanitation and plant hygiene/trade issues had in-depth discussions.
The commerce ministry said, “India expressed serious concern over the growing trade deficit between the two countries and discussed issues of market access. Both sides will work together to remove tariff and non-tariff barriers and deepen ties in the services sector.” agreed to work.”
They also shared that both sides should make every effort to expedite the dialogue to reach a mutually beneficial and satisfactory outcome during 2023.
It was agreed that the 10th round of CEPA upgrade talks would be hosted by India in early 2023.
The Indian delegation was led by Chief Negotiator Anant Swarup, Joint Secretary in the Department of Commerce, while the South Korean side was led by their Chief Negotiator Yang Ghee-wook, Director General of the Ministry of Trade, Industry and Energy.
The trade deficit between India and South Korea stood at $8.1 billion during 2020-21.
India’s exports stood at $8.08 billion in 2021-22, while imports totaled $17.5 billion.