Explanation:

Comprehensive Economic Partnership Agreement (CEPA) is a kind of free trade pact which covers negotiation on the trade in services and investment, and other areas of economic partnership.

• It may even consider negotiation on areas such as trade facilitation and customs cooperation, competition, and Intellectual Property Rights.
• Partnership agreements or cooperation agreements are more comprehensive than Free Trade Agreements.
• CEPA also looks into the regulatory aspect of trade and encompasses an agreement covering the regulatory issues.
• India has signed CEPAs with South Korea and Japan.

Hence both statements are correct.