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India, South Korea eye upgrade of CEPA for more balanced trade ties
India and South Korea agreed to upgrade their CEPA to create a more balanced economic partnership, targeting an increase in bilateral trade from about $27 billion to $50 billion by 2030. Leaders said the upgrade would be pursued within a year, and negotiations have a history of rounds dating back to 2016, with the last talks in July 2024.
Why It Matters
Upgrading the CEPA and addressing non-tariff barriers could reshape trade flows and deepen economic ties between two major Asian economies.
Timeline
6 Events
India-Korea Business Forum on New Delhi visit
April 21, 2026
Speaking at the India-Korea Business Forum (jointly organized by FICCI and the Federation of Korean Industries), Goyal outlined a fast-track, mission-mode upgrade of the CEPA and discussed easing non-tariff barriers to facilitate business.
PM Modi and President Lee Jae Myung discuss upgrade and trade targets
April 21, 2026
At a joint press conference in New Delhi, PM Narendra Modi and Republic of Korea President Lee Jae Myung announced several important decisions to boost bilateral trade, including upgrading the CEPA within the next year and aiming to grow trade from $27 billion to $50 billion by 2030.
11th round of CEPA upgrade talks held in Seoul
July 2024
Negotiations to upgrade the pact have seen 11 rounds of meetings, the last of which took place in Seoul in July 2024.
Review agreement to make CEPA more balanced
June 18, 2016
New Delhi and Seoul agreed to review CEPA to make it more comprehensive and balanced.
CEPA operationalised
January 1, 2010
The CEPA was operationalised on January 1, 2010.
CEPA signed between India and South Korea
August 7, 2009
India and South Korea signed the Comprehensive Economic Partnership Agreement (CEPA) in Seoul on August 7, 2009.