Yang Gi-uk (right), director general for FTA (free trade agreement) policy of the Ministry of Trade, Industry and Energy, and Anant Swarup, joint secretary of the Indian Department of Commerce, on Nov. 3 pose for photos after holding the ninth round of talks on upgrading the bilateral Comprehensive Economic Partnership Agreement at Lotte Hotel Seoul in the capital's Jung-gu District. (Ministry of Trade, Industry and Energy)

By Israa Mohamed

Bilateral negotiations with India on upgrading the Comprehensive Economic Partnership Agreement (CEPA) have resumed after three years.

The Ministry of Trade, Industry and Energy on Nov. 3 said the ninth round of the talks will run from Nov. 3-4 in Seoul.

CEPA took effect in January 2010 and negotiations for upgrading it began in June 2016. Eight rounds of talks followed but dialogue stalled after June 2019 due to the COVID-19 pandemic and other reasons.

Leading this year's negotiations is Yang Gi-uk, director-general of the ministry's FTA (free trade agreement) Policy Bureau, and Anant Swarup, joint secretary of the Indian Department of Commerce. Also attending is a government delegation comprising officials from related agencies including the trade ministry, Ministry of Economy and Finance, and Ministry of of Agriculture, Food and Rural Affairs.

The trade ministry said Seoul and New Delhi will continue discussing improving concessions and investment in goods and services and streamlining product specific rules, focusing on additional items and areas of interest.

Also, both sides will seek to boost the implementation of CEPA through joint working meetings on sanitary and phytosanitary measures and technical barriers to trade.

Director General Yang said, "Korea's cooperation with India is critical as the global economy is more uncertain than ever as shown by the realignment of supply chains."

"With the improvement of CEPA as an opportunity, we will expand trade and investment with India and stimulate economic cooperation," he said. "We will also make active efforts to help more Korean companies enter the Indian market."

With a population of 1.4 billion and consequently a massive domestic market, India has a high growth rate, including 8.9% last year.

Korean companies in sectors like smartphones and cars have recently advanced to the Indian market. Bilateral trade hit a record-high volume last year and is expected to further increase this year.

ess8@korea.kr