Talks on upgrading India-S Korea FTA may conclude in 2024: Korean envoy

The negotiations on the expansion of the Comprehensive Economic Partnership Agreement (CEPA) between India and South Korea are likely to conclude in 2024, said Chang Jae-bok, the South Korean envoy here on Wednesday.

The Republic of Korea and India signed a Comprehensive Economic Partnership Agreement (CEPA) in 2009. The two nations are negotiating the expansion of the Comprehensive Economic Partnership Agreement (CEPA) and have so far held several rounds of discussions.

In a press conference, Chang said the last round of talks took place in January.

"On the bilateral trade front, efforts are underway to expedite negotiations for the expansion of CEPA, signed in 2010. During the last round of talks in January, this year, negotiators from both sides showcased a shared commitment to conclude negotiations within this year," Chang said.

South Korea is hoping that the negotiations will conclude before the possible visit of Yoon Suk Yeol, the South Korean President, to India.

"So hopefully, the negotiation on CEPA will conclude before a bilateral visit by our president. (the visit will) probably (be) after the elections in India; there is also an election in Korea," he said.

India has asked South Korea to renegotiate the CEPA to make the trade more balanced and equitable.

In July last year, Commerce Minister Piyush Goyal said that the pact has been often discussed in the context that the Indian industry has failed to benefit from the agreements and the gains have mostly been one-sided.

India's trade deficit with South Korea rose to US dollar 14.57 billion in FY23 from US dollar 9.39 billion a year ago.

Reflecting on India's concern vis-a-vis CEPA, the envoy said: "The negotiations on free trade agreements are generally very difficult.... Some parts of the industry will have losses, and some parts of the industry will gain from (the CEPA). However, during the last round of negotiations, we found willingness to conduct the talks soon."

Meanwhile, Indian and South Korean foreign ministers will chair the joint trade commission meeting on March 6 in Seoul.

During the meeting between the foreign ministers, regional and global issues might come up, the envoy mentioned.

"The South Korea-India Trade Commission meeting is scheduled for March 6 in Seoul. Jaishankar, India's Minister of External Affairs and his Korean counterpart, Cho Tae-yul, will co-chair this meeting. We anticipate discussions of high-level exchanges, defence, economic issues, science and technology, and people-to-people with key regional issues," the envoy told reporters.