India to upgrade its existing free trade pact with South Korea

The issue of gold imports from Korea will also be discussed between both governments

India has decided to upgrade its existing trade pact with South Korea, despite the domestic industry expressing concerns over the agreement disproportionately favouring that country. This follows Commerce and Industry Minister Suresh Prabhu’s visit to Seoul last week to review the Comprehensive Economic Partnership Agreement (CEPA), which was signed between the two countries in 2009. Both countries have decided to finalise the CEPA upgrade negotiations at the earliest, possibly before the end of 2018.

The issue of gold imports from Korea will also be discussed within the larger framework of the CEPA, a senior official said on condition of