Bilateral Updates

India and Korea have acknowledged the widening trade deficit between the two countries since the bilateral Comprehensive Economic Partnership Agreement (CEPA) came into force in 2010 and agreed to address New Delhi’s problem within the overall trade pact framework, per the government. The two countries also decided to constitute sub-groups to discuss cooperation in digital trade, supply chain, and strategic industrial sectors as part of the ongoing talks on upgrading the India-Korea CEPA (IK-CEPA).

India and the Republic of Korea signed a memorandum of understanding (MoU) to strengthen cooperation in the micro, small and medium enterprises (MSME) sector, the MSME ministry said on Tuesday. The agreement was finalised on Monday during the visit of a delegation led by Lee Jae Myung. The MoU creates a structured framework for collaboration between the two countries, enabling continuous dialogue on key MSME issues and encouraging exploration of mutually beneficial opportunities, the ministry said in a statement.