<p>New Delhi: India and <a href="https://www.deccanherald.com/tags/south-korea">South Korea</a> on Monday issued a joint declaration for resuming talks to upgrade their Comprehensive Economic Partnership Agreement (CEPA), which was signed in 2009, and outlined a roadmap to nearly double bilateral trade to $50 billion by 2030.</p><p>The two countries signed multiple MoUs and agreed on a joint strategic vision for a “special strategic partnership”. India and South Korea also released a comprehensive framework for partnership in shipbuilding, shipping and maritime logistics.</p><p>Prime Minister Narendra Modi and South Korean President Lee Jae Myung, who is on his maiden state visit to India, held delegation-level talks.</p>.India, South Korea decide to start negotiations to upgrade economic pact.<p>In his press statement after the talks, PM Modi said India and South Korea aim to increase bilateral trade from the current $27 billion to $50 billion by 2030. “To facilitate financial flows between the two countries, we have launched the India-Korea Financial Forum. To strengthen business cooperation, we have established an Industrial Cooperation Committee. To enhance collaboration in critical technologies and supply chains, we are initiating an Economic Security Dialogue,” Modi said.</p><p>“To facilitate the entry of Korean companies, especially SMEs, into India, we will also establish a Korean Industrial Township. Furthermore, within the next year, we will upgrade the India-Korea trade agreement,” he added.</p><p>Economic cooperation</p><p>Lee said the two sides have agreed to significantly upgrade economic cooperation, focusing on sectors such as shipbuilding, defence, and AI. “Considering the current situations in the Middle East, we will sustain cooperation for supply stability of energy resources and key commodities,” he said.</p><p>“We agreed to speed up negotiations to upgrade our CEPA to create more favourable trade and investment conditions for our businesses,” Lee added.</p><p>Commerce Minister Piyush Goyal and a South Korean representative exchanged joint declarations on resuming negotiations to upgrade the CEPA.</p><p>The India-South Korea CEPA was signed in August 2009 and came into force from January 2010. Bilateral trade between the two countries increased from $14.2 billion at the time of CEPA implementation, to $26.89 billion in 2024-25. Trade balance is heavily in favour of South Korea. Out of the nearly $27 billion bilateral trade, India’s imports from South Korea stand at around $21 billion.</p><p>Speaking at the India-Korea Business Forum, Goyal said the two countries have agreed to work on a fast-track, mission-mode approach to upgrade the CEPA deal.</p>
<p>New Delhi: India and <a href="https://www.deccanherald.com/tags/south-korea">South Korea</a> on Monday issued a joint declaration for resuming talks to upgrade their Comprehensive Economic Partnership Agreement (CEPA), which was signed in 2009, and outlined a roadmap to nearly double bilateral trade to $50 billion by 2030.</p><p>The two countries signed multiple MoUs and agreed on a joint strategic vision for a “special strategic partnership”. India and South Korea also released a comprehensive framework for partnership in shipbuilding, shipping and maritime logistics.</p><p>Prime Minister Narendra Modi and South Korean President Lee Jae Myung, who is on his maiden state visit to India, held delegation-level talks.</p>.India, South Korea decide to start negotiations to upgrade economic pact.<p>In his press statement after the talks, PM Modi said India and South Korea aim to increase bilateral trade from the current $27 billion to $50 billion by 2030. “To facilitate financial flows between the two countries, we have launched the India-Korea Financial Forum. To strengthen business cooperation, we have established an Industrial Cooperation Committee. To enhance collaboration in critical technologies and supply chains, we are initiating an Economic Security Dialogue,” Modi said.</p><p>“To facilitate the entry of Korean companies, especially SMEs, into India, we will also establish a Korean Industrial Township. Furthermore, within the next year, we will upgrade the India-Korea trade agreement,” he added.</p><p>Economic cooperation</p><p>Lee said the two sides have agreed to significantly upgrade economic cooperation, focusing on sectors such as shipbuilding, defence, and AI. “Considering the current situations in the Middle East, we will sustain cooperation for supply stability of energy resources and key commodities,” he said.</p><p>“We agreed to speed up negotiations to upgrade our CEPA to create more favourable trade and investment conditions for our businesses,” Lee added.</p><p>Commerce Minister Piyush Goyal and a South Korean representative exchanged joint declarations on resuming negotiations to upgrade the CEPA.</p><p>The India-South Korea CEPA was signed in August 2009 and came into force from January 2010. Bilateral trade between the two countries increased from $14.2 billion at the time of CEPA implementation, to $26.89 billion in 2024-25. Trade balance is heavily in favour of South Korea. Out of the nearly $27 billion bilateral trade, India’s imports from South Korea stand at around $21 billion.</p><p>Speaking at the India-Korea Business Forum, Goyal said the two countries have agreed to work on a fast-track, mission-mode approach to upgrade the CEPA deal.</p>