India and South Korea have initiated negotiations to upgrade their Comprehensive Economic Partnership Agreement (CEPA), with an ambitious goal to increase bilateral trade from $27 billion to $50 billion by 2030. During a joint address, Indian Prime Minister Narendra Modi and South Korean President Lee Jae-myung highlighted the shared values of democracy and mutual respect that underpin their partnership. To facilitate economic engagement, an India-Korea Financial Forum was launched, aiming to enhance investment flows between the two nations. The leaders discussed building resilient ecosystems across various sectors, including technology, energy, and advanced manufacturing, and agreed to institutionalize an economic security dialogue focused on critical technologies and supply chains. They also plan to upgrade their trade agreement within the next year, covering sectors such as shipbuilding and sustainability. Additionally, both countries emphasized the importance of cultural cooperation, particularly in film and animation, reflecting their long-standing people-to-people ties. President Lee expressed South Korea's commitment to strengthening collaboration with India in strategic sectors, including critical minerals and clean energy, to ensure stable supply chains and energy security.