The trade deficit between India and Korea stood at $8.1 billion during 2020-21.

The need to have negotiations based on a win-win approach and are forward-looking and outcome-oriented was underlined by both sides.

Sub-groups on trade in goods, services, rules of origin, investment, sanitary and phytosanitary/technical barriers to trade issues held in-depth discussions, a news agency reported.

"India raised serious concerns on the growing trade deficit between the two countries and discussed market access issues. Both sides agreed to work closely to address tariff and non-tariff barriers and deepen the relationship in the services sector," the ministry statement said.

Both sides also feel they should make utmost efforts to expedite negotiations to reach a mutually beneficial and satisfactory outcome next year, it added.

The 10th round of CEPA upgradation negotiations will be hosted by India in early 2023.

The Indian delegation was led by Anant Swarup, joint secretary in the department of commerce, while the Korean side was led by Yang Ghi-Wuk, director general, ministry of trade, industry and energy.

Fibre2Fashion News Desk (DS)