India, South Korea wrap 12th round of CEPA upgrade talks; Seoul to address trade deficit

India and South Korea concluded the 12th round of negotiations to upgrade their trade agreement on Thursday, with Seoul agreeing to address India’s growing bilateral trade deficit, the Ministry of Commerce and Industry said.

The talks are aimed at updating the India-Korea Comprehensive Economic Partnership Agreement, or IK CEPA, which came into force in 2010. The ministry said both sides made progress on market access and rules of origin during the latest round.

The push to accelerate negotiations began in April 2026, when Commerce Minister Piyush Goyal and South Korean Trade Minister Yeo Han-koo signed a joint declaration to upgrade the pact. The move followed concerns in New Delhi over the widening trade gap.

India’s trade deficit with South Korea has expanded in recent years, driven by imports of steel, electronics, and auto components. Indian officials have sought greater access for exports such as textiles, engineering goods, and agricultural products.

The ministry did not specify a timeline for the next round but said both countries will continue technical discussions. A revised CEPA is expected to balance trade and ease non-tariff barriers for Indian exporters.

IK CEPA was India’s second comprehensive trade pact after the India-Singapore agreement.