Since the sign of Korea-India CEPA, Korean SMEs’ trade with India indicated an upward trend in the beginning. However, after the early stage the trend is stagnant, showing many structural limitations. In case of export, 80 percent of SMEs which expanded to India have more than 10 years of career, while naturally global companies’ expansion in India market remains in doldrums. In the same manner, SMEs’ importance in import market is constantly decreasing. This result is poor compared to the importance of SMEs’ trade with FTA-signed countries such as the U.S., China, Vietnam and so on. Based on the number of companies, CEPA export utilization rate of Korea to India is only 49 percent, less than half of the whole trade between India. Difference in the number of companies and trade amount of CEPA export utilization rate indicates CEPA utilized export is biased to certain SMEs. According to actual and extensive research, Korean SME’s CEPA utilization and performance is lower than expectation. CEPA utilization effect showed meaningful difference considering the presence of tariff lowering level, quickness of tariff abolishment, export volume and R&D investment. Nevertheless, the influence showed a significant difference in the short term, implying the shortage of consistency and limitation in its scale. Weak performance of SMEs’ CEPA utilization is the result reflecting low level of concession and utilization rate of CEPA agreements and characteristic of utilizing company. Therefore, Korean government need to establish clear political guidance and strategy in order to achieve additional improvement negotiations of CEPA. In addition, to lead Korean SMEs’ CEPA utilization to better result, establishment of various linkage support plans is needed. On the other hand, SMEs need to raise awareness on the utilization of CEPA and strengthen their own competitiveness, thereby expand trade scale and diversify items and vendors. SMEs also need to actively devise a solution to associate CEPA with various SME globalization policy supported by the government.