India, Korea comply with ‘impart fresh momentum’ to bilateral commerce pact

India and South Korea are set to speed up discussions on upgrading their bilateral commerce settlement signed in 2009, mentioned a joint assertion launched by each nations.
Commerce and business Minister Piyush Goyal met with Yeo Han-Koo, Minister for Trade, Republic of Korea, on Tuesday for discussions on commerce and investments between the 2 nations.
India has a big commerce deficit with South Korea and is aiming to deal with problems with market entry and non-tariff boundaries confronted by Indian exporters. “The ministers agreed to impart fresh momentum to the discussions on CEPA (Comprehensive Economic Partnership Agreement) up-gradation negotiations and also promote extensive B2B interactions on trade and investment between the Industry leaders of the two countries,” the joint assertion mentioned.
India’s whole exports to South Korea in FY21 have been about $4.68 billion towards imports of $12.77 billion. Microphones and cameras are key imports from South Korea. Key exports to South Korea are aluminium and mineral fuels.