Economy News

India worried about growing trade deficit with South Korea – Mintpaisa

The issue was discussed during the ninth round of negotiations on the upgrade of the Comprehensive Economic Partnership Agreement (CEPA) between India and the Republic of Korea (ROK).

The issue was discussed during the ninth round of negotiations on the upgrade of the Comprehensive Economic Partnership Agreement (CEPA) between India and the Republic of Korea (ROK).

India has raised “serious” concerns over the growing trade deficit with South Korea, which stood at around $9.5 billion in 2021-22, an official statement said on Friday.

The issue was discussed during the ninth round of negotiations on the upgrading of the Comprehensive Economic Partnership Agreement (CEPA) between India and the Republic of Korea (ROK), which was held in Seoul on November 3 and 4.

Both parties underlined the need to have negotiations based on a win-win approach, looking to the future and focusing on results.

During the meeting, sub-groups on trade in goods, services, rules of origin, investment, sanitary and phytosanitary/technical barriers to trade held in-depth discussions.

“India expressed serious concerns over the growing trade deficit between the two countries and discussed market access issues. Both sides agreed to work closely together to eliminate tariff and non-tariff barriers and deepen trade relationships in the service sector,” the Commerce Department said.

They also shared a common view that both sides should do their utmost to expedite the negotiations to achieve a mutually beneficial and satisfactory outcome in 2023, he added.

It was agreed that the 10th round of CEPA upgrade negotiations would be hosted by India in early 2023.

The Indian delegation was led by Chief Negotiator Anant Swarup, Joint Secretary of the Ministry of Commerce, while the South Korean side was led by its Chief Negotiator Yang Ghi-Wuk, Director General of the Ministry of Commerce, Industry and Energy.

The trade deficit between India and South Korea stood at $8.1 billion in 2020-2021.

India’s exports in 2021-22 were $8.08 billion, while imports stood at $17.5 billion.

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