With talks to upgrade the existing India-Korea free trade agreement (FTA) moving forward, senior officials of both countries will hold the next round of negotiations from Wednesday in Seoul, an official said.
The agreement, dubbed as comprehensive economic partnership agreement (CEPA), was operationalised in January 2010. So far, 10 rounds of review talks have been concluded.
The Indian team “will visit Seoul from July 17-19” for the next round of review meetings, the official added.
“In the 11th round, both the sides would discuss the broad contours for closing the deal,” the official said, adding that Korea is keen to conclude the negotiations this year.
The two countries have sought greater market access for certain products, which are under the negative list of the agreement. No customs duty concessions are granted for the goods under this list.
The Department of Commerce has engaged with different ministries, including heavy industries, steel, and chemicals, to prepare the offer list.