The Comprehensive Economic Partnership Agreement (CEPA) between South Korea and India will be upgraded, with the goal of strengthening supply chains, increasing collaboration in essential technologies, and deepening trade.
By 2030, South Korean President Lee Jae-myung and Prime Minister Narendra Modi want to boost bilateral trade from $27 billion to $50 billion. As the cornerstone of their expanding collaboration, both leaders emphasized common ideals like democracy and the rule of law.
Building robust supply chains “from chips to ships,” encompassing industries like semiconductors, energy, shipbuilding, and sophisticated manufacturing, is a major goal of the renewed engagement. In order to address important supply chain and technological issues, the two nations have decided to formalize an economic security dialogue.
To increase investments and strengthen economic cooperation, an India-Korea Financial Forum was established. Sustainability, steel, and industry cooperation are among the top priorities for the upcoming year-long CEPA upgrade discussions.
Beyond commerce, both countries emphasized collaboration in artistic fields like animation and film, demonstrating close interpersonal relationships.
The action is a calculated attempt to improve technological and economic cooperation in the face of changing global supply chain dynamics.
Source – The Economic Times
