India, May 29 -- India and South Korea have agreed to address the widening trade deficit between the two countries within the overall framework of the bilateral trade pact, the Commerce Ministry said on Thursday.

The two nations also decided to constitute sub-groups to discuss cooperation in the areas of digital trade, supply chain and strategic industrial collaboration. The issue figured during the 12th round meeting on the up-gradation of the existing Comprehensive Economic Partnership Agreement (CEPA), which was implemented in January 2010.

"Both sides acknowledged India's bilateral trade deficit, which has risen significantly since the IK CEPA came into force in 2010, and agreed to address the issue within the overall IK (India-Kore...