India, South Korea Aim To Achieve $50 Billion Trade Target Before 2030

India and South Korea on Tuesday (11 January) agreed to impart fresh momentum to the discussions on Comprehensive Economic Partnership Agreement (CEPA) up-gradation negotiations.

The two sides discussed wide ranging issues covering the whole gamut of bilateral trade and investment related aspects during the meeting between Commerce Minister Piyush Goyal and South Korean Trade Minister Yeo Han-Koo in New Delhi.

The ministers also agreed to promote extensive B2B interactions on trade and investment between the Industry leaders of the two countries.

The two ministers agreed with the spirit of openness to address difficulties expressed by industry from both sides and instructed their respective negotiating teams to meet on a regular basis in order to conclude the CEPA up-gradation negotiations as soon as possible in a time bound manner building upon support from relevant stakeholders, so as to try to achieve the target of $50 Billion before 2030 which was agreed at the summit meeting in 2018, a Commerce Ministry release said.

This regular negotiations will be a forum to discuss the difficulties of business community from both countries and emerging trade-related issues including supply chain resilience, the ministry said.

Further, the ministers agreed to boost bilateral trade between India and Korea to achieve growth in a fair and balanced manner to the mutual advantage of both sides.