New Delhi, May 28 -- India and South Korea have reaffirmed their commitment to conclude the upgrade of the India-Korea Comprehensive Economic Partnership Agreement (IK CEPA) "in a time-bound manner", as both sides intensified efforts to modernise the trade pact and address concerns including India's widening trade deficit with Korea.

The two countries held the 12th round of negotiations for the CEPA upgrade in New Delhi from May 25-27, according to the Ministry of Commerce & Industry.

The discussions followed the Joint Declaration signed on April 20, 2026, by Union Commerce and Industry Minister Piyush Goyal and Korean Trade Minister Yeo Han-koo during the State Visit of the President of the Republic of Korea to India. In the declaratio...