India and South Korea set a bilateral trade target of $50 billion before 2030, as South Korea’s Trade Minister Yeo Han-Koo held talks with Indian Commerce and Industry Minister Piyush Goyal in New Delhi on Tuesday.
The two mnisters held wide-ranging discussions overlaying the entire gamut of bilateral trade and investment-related features. They additionally agreed to impart contemporary momentum to the discussions on the Comprehensive Economic Cooperation Agreement (CEPA) upgradation negotiations and likewise promote intensive B2B interactions on trade and funding between business leaders of the 2 nations, a Commerce and Industry Ministry assertion mentioned.
The two ministers agreed to handle difficulties expressed by business from each side and instructed their respective negotiating groups to fulfill frequently with a view to conclude the CEPA upgradation negotiations, as quickly as doable, in a time-bound method, constructing upon assist from related stakeholders, in order to attempt to obtain the target of $50 billion before 2030 which was agreed on the summit assembly in 2018.
These common negotiations shall be a discussion board to debate the difficulties of the enterprise group from each nations and rising trade-related points together with provide chain resilience. The ministers agreed to spice up bilateral trade to realize development in a good and balanced method to the mutual benefit of each side.
According to information from South Korea’s Ministry of Trade, Industry, and Energy, bilateral trade within the first half (January-June) of 2021 was recorded at $10.97 billion, a rise of 38 per cent in comparison with the identical interval of the earlier 12 months. South Korea’s exports to India elevated 38.5 per cent ($7.4 billion), imports elevated 37.4 per cent ($3.6 billion), and the trade steadiness recorded a surplus of $3.8 billion.
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