India and South Korea set bilateral trade target at $50 billion

NEW DELHI: Piyush Goel, Minister of Commerce and Industry, Government of India, held talks with Yeo Han-Koo, Minister of Trade, Government of South Korea on Tuesday, January 11. During the meeting, the countries agreed to set a bilateral trade goal of $50 billion by 2030. Goel and Han-Koo had in-depth discussions about a variety of bilateral trade and investment concerns. They also agreed to speed up talks on upgrading the Comprehensive Economic Cooperation Agreement (CEPA). According to a statement from the Ministry of Commerce and Industry, the two countries agreed to promote expanded B2B trade and investment exchanges.

The two ministers committed to work together to resolve issues brought up by industry on both sides. They directed their respective negotiating teams to meet on a frequent basis in order to expedite the CEPA upgrade negotiations. To reach the $50 billion target established at the summit meeting in 2018, the focus has been on completing it on time and with the support of essential parties.

These regular meetings will serve as a forum for discussing business difficulties in both countries, as well as emerging trade-related themes such as supply chain resilience. The ministers agreed to boost bilateral trade in order to achieve growth that is fair and balanced for both countries.