India, South Korea decide to start negotiations to upgrade economic pact

India and South Korea on Monday agreed to start negotiations to upgrade their comprehensive evaluation partnership pact against the backdrop of increasing trade disruptions in view of geopolitical upheavals. The two sides announced the decision following talks between Prime Minister Narendra Modi and South Korean President Lee Jae Myung. In this era of global tensions, India and South Korea together convey a message of peace and stability,Modi said after the talks. The two sides also resolved to work together to ensure peace and stability in the Indo-Pacific region. ''Following President Lee's visit, we are going to transform our trusted collaboration into a futuristic partnership,'' Modi said. The bilateral trade and economic relations gathered momentum following the implementation of the Comprehensive Economic Partnership Agreement (CEPA) in 2010. ''From chips to ships, talent to technology, entertainment to energy, we will realise new opportunities for cooperation in every sector,'' he added. The prime minister said both sides will continue to work towards an inclusive Indo-Pacific. ''Through our shared efforts, we will continue to contribute to a peaceful, progressive, and inclusive Indo-Pacific,'' he said. The talks also focused on enhancing ties in areas of trade, investments, AI, semiconductors, critical and emerging technologies and people-to-people connect.PTI MPB DV DV