Minister of Trade, Industry and Energy Kim Jung-kwan and Indian Commerce Minister Piyush Goyal pose for a photo after exchanging MOUs on the establishment of an industrial cooperation committee at a state guesthouse in New Delhi on April 20 (local time), in the presence of President Lee Jae Myung and Prime Minister Narendra Modi. [Yonhap]
Minister of Trade, Industry and Energy Kim Jung-kwan and Indian Commerce Minister Piyush Goyal pose for a photo after exchanging MOUs on the establishment of an industrial cooperation committee at a state guesthouse in New Delhi on April 20 (local time), in the presence of President Lee Jae Myung and Prime Minister Narendra Modi. [Yonhap]

South Korea's Ministry of Trade, Industry and Energy said Wednesday it is launching the 13th round of upgrade negotiations under the Korea-India Comprehensive Economic Partnership Agreement (CEPA) in Seoul.

India is the world's most populous country, with about 1.43 billion people, and its largest emerging economy, with a GDP of $4 trillion.

The talks run through Friday and bring together about 60 government officials from both sides, led by Lee Min-young, acting trade agreement negotiator at the Trade Ministry, and Kapil Chaudhary, director at India's Ministry of Commerce and Industry.

A CEPA is a trade agreement that offers greater flexibility than a standard free trade agreement structure while deepening cooperation between the parties.

The two countries plan to hold intensive discussions across six areas, including market access for goods and services and rules of origin. The agenda also covers new areas of cooperation such as supply chains and strategic industrial collaboration.

The two sides will also discuss the operational framework and key agenda items for the Korea-India Industrial Cooperation Committee — established following the bilateral summit in April — and consult on the formation of subcommittees and a schedule for meetings.

The CEPA upgrade negotiations, which began in 2016, were suspended due to differences between the two sides before resuming after the April summit. The 12th round was held in New Delhi in May.

"India is an emerging market with the world's largest population, yet bilateral trade last year stood at $25.6 billion — roughly one-tenth of trade with ASEAN," the ministry said. "There is strong room to expand trade and investment."

"Through the upgrade negotiations, we will work to build a foundation for economic cooperation that goes beyond traditional market access to encompass supply chains and industrial cooperation between the two countries," it added.


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