India, South Korea Set $50 Billion Bilateral Trade Target Before 2030

South Korea’s Trade Minister Yeo Han-Koo met with India’s Commerce and Industry Minister Piyush Goyal in New Delhi on Tuesday, setting a bilateral trade aim of $50 billion by 2030.

The two ministers engaged in extensive discussions on a wide range of bilateral trade and investment issues. They also agreed to give the Comprehensive Economic Cooperation Agreement (CEPA) upgradation talks a boost, as well as foster extended B2B trade and investment exchanges between the two countries’ business leaders, according to a statement from the Commerce and Industry Ministry.

The two ministers agreed to address issues raised by industries on both sides, and instructed their respective negotiating teams to meet on a regular basis in order to complete the CEPA upgradation negotiations as quickly as possible, on a timetable, and with the support of relevant stakeholders, in order to meet the $50 billion target set at the summit meeting in 2018.

These frequent meetings will provide a forum for discussing the challenges facing the business community in both nations, as well as new trade-related topics such as supply chain resilience. The ministers decided to increase bilateral trade in order to achieve growth in a fair and balanced way that benefits both parties.

According to figures from South Korea’s Ministry of Commerce, Industry, and Energy, bilateral trade reached $10.97 billion in the first half of 2021, up 38% from the same time the previous year. South Korea’s exports to India climbed 38.5% ($7.4 billion), while imports increased 37.4% ($3.6 billion), resulting in a $3.8 billion trade surplus.