India raised serious concerns on the growing trade deficit between the two countries and discussed market access issues

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INVC NEWS
New Delhi ,

The 9th round of India-Republic of Korea (ROK) Comprehensive Economic Partnership Agreement (CEPA) up-gradation negotiation was held in Seoul from November 3-4, 2022.

The two sides underlined the need to have negotiations, which are based on win-win approach, are forward looking and outcome oriented. Both sides shared the hope that the CEPA upgradation negotiations would play an important role in strengthening and deepening economic cooperation between both countries. Sub Groups on Trade in Goods, Services, Rules of Origin, Investment, SPS/TBT issues held in-depth discussions.

India raised serious concerns on the growing trade deficit between the two countries and discussed market access issues. Both sides agreed to work closely to address tariff and non-tariff barriers and deepen the relationship in the services sector. They also shared a common view that both sides should make utmost efforts to expedite negotiations in order to reach a mutually beneficial and satisfactory outcome during 2023, while taking note of the importance of the upcoming 50th anniversary of diplomatic relations between the two countries.

The Chief Negotiators also shared the view that both sides should promote conducive trade environment to enable both sides to fully utilize benefits under the CEPA. It was agreed that the 10th round of CEPA upgradation negotiations will be hosted by India in early 2023.

The Indian delegation was led by Chief Negotiator Mr. Anant Swarup, Joint Secretary, Department of Commerce, Government of India, while the Korean side was led by their Chief Negotiator Mr. Yang Ghi-Wuk, Director General, Ministry of Trade, Industry and Energy (MOTIE), Government of the Republic of Korea.

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