India considering amending FTA chapters with South Korea for better deal
India and South Korea have agreed to review the free trade agreement, with New Delhi keen on rewriting some chapters of the pact, Commerce and Industry Minister Piyush Goyal said Monday. The two sides agreed to review the FTA during South Korean President Lee Jae Myung's visit to New Delhi.
The existing FTA, implemented in 2010, is not beneficial for India, Goyal said, adding that India's trade deficit with South Korea tripled after the FTA was signed. India is willing to renegotiate and rewrite chapters under the agreement, Goyal said.
India and Korea had bilateral trade of $27.18 billion in 2025, which included imports worth $21.16 billion. India had a trade deficit of $15.14 billion with Korea last year. The two sides have also set the aim to double bilateral trade by 2030