New Delhi, April 26 -- Earlier this week, commerce minister Piyush Goyal said that India and South Korea were working towards doubling bilateral trade while reviewing a 16-year-old trade agreement between them.

Signed in 2010, the Comprehensive Economic Partnership Agreement (CEPA) has seen bilateral trade more than double, but with a greater share of gains accruing to South Korea. Speaking to the media at an India-Korea business forum, Goyal said this agreement "has not worked for India" and that a review was being undertaken to bring about "more balanced trade between the two countries". That is also a larger question for India as it enters into more free trade agreements (FTAs), the latest being with the European Union this January. ...