Suresh Prabhu and South Korean Trade Minister at the signing of early harvest package

Suresh Prabhu, Minister of Commerce and Industry and Civil Aviation and Mr. Kim Hyun-chong, the Minister for Trade, Industry and Energy, Republic of Korea, had a meeting over breakfast morning at the Commerce Minister’s residence in New Delhi. The Ministers reviewed the progress of India-Korea Comprehensive Economic Partnership Agreement (CEPA) upgradation negotiations and had an extensive discussion on trade and economic cooperation issues between the two countries.

The Ministers shared the view that both countries should strive towards achieving additional liberalization by upgrading CEPA in such a way that reflects the various interests and sensitivities of each side. They agreed that both sides should promote a favorable trade environment in which India and Korea may enjoy the benefits under the India-Korea CEPA.

Both the Ministers expressed their satisfaction on the signing of the Joint Statement on Early Harvest Package in the India-Korea CEPA upgradation. In the last meeting held in 2017, three deliverables were identified: early harvest package of CEPA, forming futures strategy group to jointly harness fourth generation technology and innovative products and trade remedies MOU. All three deliverables have been realized yesterday.

CEPA upgradation advances additional liberalization and signs Joint Statement on Early Harvest Package and deliverables. The Ministers agreed to pursue additional liberalization under the Comprehensive Economic Partnership Agreement, promote a favourable trade environment to realise CEPA benefits, and signed a Joint Statement on an Early Harvest Package. They confirmed three deliverables: the Early Harvest Package, a futures strategy group for fourth generation technology and innovative products, and a trade remedies Memorandum of Understanding.