New Delhi [India], April 20 (ANI): Union Minister of Commerce and Industry Piyush Goyal met with his South Korean counterpart, Yeo Han-koo, Trade Minister, Ministry of Trade, Industry and Resources (MOTIR) to discuss the resumption and modernization of the India-Korea Comprehensive Economic Partnership Agreement (CEPA).

According to Goyal, the two leaders explored several avenues for deeper engagement, particularly in industrial cooperation, green energy, and digital trade. The meeting also focused on revamping the existing trade framework to better reflect current economic priorities and enhance bilateral ties.

'Delighted to meet Mr. Yeo Han-koo, Trade Minister, Ministry of Trade, Industry and Resources (MOTIR), Republic of Korea. We discussed ways to resume and revamp the India-Korea CEPA upgrade negotiations and explored opportunities for deeper cooperation in industrial cooperation, green energy and digital trade. We look forward to strengthening our partnership for greater mutual trade and investment,' Goyal said on X.

The push for an upgraded trade pact follows a period of significant activity in bilateral commerce. Data released by the Ministry of External Affairs in 2025 showed that trade between the two nations reached USD 21.5 billion between January and October 2025.

During this ten-month window, India recorded an import volume of USD 16 billion and an export volume of USD 5.5 billion. These figures come after bilateral trade stood at USD 25.1 billion in 2024, having previously touched a record high of USD 27.8 billion in 2022.

India primarily exports light oils, aluminum, refined lead, and mineral fuels to the Republic of Korea. In return, South Korea's export basket to India consists largely of automobile parts, telecommunication equipment, hot rolled iron products, and mechanical appliances. To facilitate these trade flows, CBIC Chair and Korea Customs Commissioner previously launched the Electronics Origin Data Exchange System (EODES) to expedite information sharing regarding certificates of origin.

Investment from South Korea remains a cornerstone of the relationship, with the country ranking as India's 15th largest FDI investor. In 2024, South Korean investments totaled USD 929 million, with the manufacturing sector receiving the majority of these funds. Since 1980, cumulative investment from South Korea into India has reached USD 10 billion. (ANI)