India and South Korea on Monday agreed to resume negotiations to upgrade their Comprehensive Economic Partnership Agreement (CEPA), as the two sides look to expand trade, strengthen supply chains and deepen cooperation in critical technologies.
Speaking in a joint address with South Korean President Lee Jae-myung, Prime Minister Narendra Modi said both countries are aligned on core values of democracy, mutual respect and the rule of law, which continue to underpin their partnership.
The leaders set an ambitious target to raise bilateral trade from the current $27 billion to $50 billion by 2030, noting that steps taken during the visit would help accelerate progress. An India-Korea Financial Forum was also launched to boost economic engagement and facilitate greater investment flows.
The two countries are also set to upgrade their trade agreement within the next year, with discussions covering sectors such as shipbuilding, steel and sustainability. Several memoranda of understanding are being pursued in these areas to expand industrial collaboration.
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