Ministry of Trade Industry and Resources

Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) met with Piyush Goyal, India’s Minister of Commerce and Industry, in India on March 13, 2026, to discuss ways to deepen bilateral trade and investment ties.

India is one of Korea’s key partners in the New Southern region. Home to 1.45 billion people, it is the fourth-largest economy and one of the fastest-growing markets in the world, with average annual growth of about 7 percent over the past decade. As the country has recently concluded a series of high-standard FTAs and continues to open its market, expanding liberalization under the Korea–India CEPA has become increasingly urgent to help Korean companies remain competitive. Bilateral trade reached USD 25.7 billion in 2025, making it Korea’s eighth-largest export market. This represents an increase of more than 50 percent from the USD 17.1 billion recorded in 2010, when the agreement entered into force, underscoring the country’s growing importance to the Korean economy.

Against a backdrop of rapid shifts in the global trade environment, Trade Minister Yeo highlighted the importance of closer economic cooperation between the two countries as they work to diversify markets and supply chains. Noting the growing depth of bilateral economic ties, he held in-depth discussions with Minister Goyal on ways to resume and accelerate negotiations to upgrade the Korea–India CEPA.

The two sides also exchanged views on key issues ahead of the 14th WTO Ministerial Conference, which will be held in Cameroon, on March 26–29, 2026. With momentum building among WTO members for reform, they discussed the direction of those efforts and other major issues, including incorporating the Investment Facilitation for Development Agreement, which Korea has championed, into the WTO legal framework. They also explored practical ways to strengthen the multilateral trading system.

During the visit, Trade Minister Yeo also met with Korean companies operating in India to hear their concerns firsthand. At both the ministerial meeting and a separate session with NITI Aayog, the Indian government’s policy think tank, he called for stronger support from the government to help resolve those difficulties. He also took part in a roundtable hosted by the Federation of Indian Chambers of Commerce and Industry (FICCI) with local IT and AI companies, where participants exchanged views on future cooperation in AI and digital trade.

Trade Minister Yeo said, “India is a key pillar in the reshaping of global supply chains and one of Korea’s most important partners in the New Southern region. We will continue consultations with the Indian government to further expand mutually beneficial economic cooperation.” Building on the outcomes of the visit, MOTIR will maintain momentum in the Korea–India CEPA upgrade talks while continuing to expand support for Korean companies seeking to enter the market.