India, Korea discuss upgrading of trade pact, promoting investments

India and Korea on Saturday held discussions on upgrading the existing free trade agreement, balancing two-way commerce and promoting investments between the two countries. The issues were discussed during a meeting between Commerce and Industry Minister Piyush Goyal and his Korean counterpart Inkyo Cheong at Vientiane, Laos. "Deliberations were held on achieving more balanced trade, upgrading the India-Korea Comprehensive Economic Partnership Agreement (CEPA), promoting investments linked to job creation and addressing non-tariff barriers to further strengthen our economic ties," Goyal said in a post on social media platform X. The two countries are holding review meetings to upgrade the CEPA, which was operationalised in January 2010. So far, over 10 rounds of review talks have been held. The two countries have sought greater market access for certain products that are under the negative list of the agreement. No customs duty concessions are granted for the goods under this ...