New Delhi, May 28 -- India and South Korea have agreed to accelerate negotiations to upgrade their bilateral trade pact while acknowledging concerns over New Delhi's widening trade deficit with Seoul, according to an official statement issued after the latest round of talks held in New Delhi.

The 12th round of negotiations for upgrading the India-Korea Comprehensive Economic Partnership Agreement (CEPA) concluded on Wednesday, with both sides reaffirming their commitment to conclude the discussions in a "time-bound manner" and build a more balanced trade partnership.

The three-day negotiations, held from 25-27 May, follow an agreement reached in April between Union commerce and industry minister Piyush Goyal and Korean trade minister Ye...