The Ministry of Trade, Industry and Energy of South Korea reported that Trade Minister Yeo Han-goo held a meeting with Indian Commerce Minister Piyush Goyal on the 13th of this month to discuss ways to deepen trade and investment cooperation, particularly focusing on the improvement of the Comprehensive Economic Partnership Agreement (CEPA) between the two nations. This dialogue is driven by Korea's need to enhance the competitiveness of its companies in India, especially as India accelerates its market liberalization by signing free trade agreements (FTAs) with other nations such as the UK, Oman, New Zealand, and the European Union.

India, with a population of approximately 1.45 billion and being the world's fourth-largest economy, has become increasingly significant for the Korean economy. The trade volume between Korea and India reached $25.7 billion last year, marking a growth of about 50% since the CEPA took effect in 2010 when the trade volume was $17.1 billion. The Ministry highlighted the urgency to increase the liberalization rate of the CEPA to secure a competitive advantage for Korean businesses in India's dynamic market.

During his visit, Minister Yeo also held a meeting with Korean companies operating in India to gain insights on their specific challenges. He urged the Indian government to provide support for addressing these issues during discussions with economic think tanks. Furthermore, discussions on artificial intelligence and digital trade cooperation were held at a meeting with the Federation of Indian Chambers of Commerce and Industry (FICCI). Minister Yeo emphasized the collaborative effort in strengthening economic cooperation between Korea and India, which is crucial for the restructuring of global supply chains and highlighted India's role as a key partner in the New Southern Policy region.