India & South Korea Gear Up For Fresh CEPA Talks To Tackle Trade Imbalance

4/25/2024 4:16:57 AM

(MENAFN- KNN India) New Delhi, Apr 25 (KNN) India and South Korea are preparing for a fresh round of negotiations in May-June to upgrade their Comprehensive Economic Partnership Agreement (CEPA). This move comes after the conclusion of the 10th round of negotiations earlier this year.

The primary objective for India in these talks is to address the significant trade imbalance that currently favours South Korea, reported Mint.

In the calendar year 2023, India's exports to South Korea stood at USD 6.286 billion, a decrease of 16.61 per cent annually, while imports from the Southeast Asian nation were USD 21.361 billion, an increase of 3.19 per cent annually, according to data from the Ministry of Commerce and Industries.

To rectify this trade deficit, India is seeking greater market access for its commodities like rice, steel, and shrimp, as well as improved opportunities in sectors such as healthcare and information technology (IT).

Authorities familiar with the matter have confirmed that the Indian government has raised concerns about the growing trade imbalance between the two countries.

They expressed optimism that the upcoming CEPA negotiations will address and resolve some of these issues, paving the way for a more balanced trade relationship.

(KNN Bureau)

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