Overview
- At a New Delhi summit on Monday, President Lee Jae Myung and Prime Minister Narendra Modi agreed to restart CEPA upgrade talks, set a $50 billion trade goal for 2030, and schedule a 12th negotiating round in May with an aim to finish by the first half of 2027.
- They created a ministerial Industrial Cooperation Committee to drive work in shipbuilding, artificial intelligence, semiconductors, defense, critical minerals, and clean and nuclear energy.
- The two sides signed new agreements on port cooperation, announced plans for a Mumbai Korea Center as a K‑culture hub, and linked QR‑code mobile payments so travelers can use home apps without currency exchange.
- Leaders cited energy risks from the Iran conflict and Strait of Hormuz disruptions and pledged to secure supplies of oil products and key raw materials including naphtha, which Seoul recently asked India to increase after sourcing about 8% from India last year.
- Lee traveled with a business delegation of more than 200 companies and top executives to pursue deals and investments that could add capacity, jobs, and technology transfer in Indian maritime and manufacturing hubs.