India-Korea Economic Talks: Towards Greater Trade Cooperation

India and Korea discussed upgrading the existing free trade agreement, balancing commerce, and boosting investments. The meeting between Commerce Minister Piyush Goyal and his Korean counterpart Inkyo Cheong highlighted the need for improved market access, addressing non-tariff barriers, and reducing trade deficits. Efforts are also underway to strengthen economic ties through the India-Korea Comprehensive Economic Partnership Agreement.

India and Korea have initiated discussions on enhancing their current free trade agreement, aiming to balance two-way commerce and encourage investments between the nations.

In a meeting in Vientiane, Laos, Commerce Minister Piyush Goyal and Korean Minister Inkyo Cheong focused on achieving more balanced trade, improving the India-Korea Comprehensive Economic Partnership Agreement (CEPA), promoting investments that generate jobs, and addressing non-tariff barriers to fortify economic ties.

India is seeking greater market access for products like steel, rice, and shrimp, while addressing concerns about Korean firms not purchasing Indian steel. The review of the CEPA holds significance as both countries hope that its upgrade will strengthen their economic cooperation.

(With inputs from agencies.)