India, South Korea set target of increasing trade to $ 50 bn by 2030

Baku, December 21, AZERTAC

India and South Korea have set a target of increasing bilateral trade to $50 billion by 2030 from $20 billion and speedily conclude negotiations to upgrade the bilateral Comprehensive Economic Partnership Agreement (CEPA), according to The

Prime Minister Narendra Modi and South Korean President Moon Jae-in, in a joint statement following their bilateral meeting on Tuesday, welcomed the finalization of the elements of an Early Harvest Package (EHP) that would lead towards an upgraded CEPA.

"We urged the business community from both our countries to leverage opportunities arising from complementarities between the two economies, to enhance investment, to promote joint ventures, and to work towards the goal of raising bilateral trade to US $50 billion by 2030 urged businesses in both countries," the statement said.

Addressing a joint press meet, Modi said that Korean companies have made large-scale investments in India. "South Korean companies have participated in our Make in India program and also created jobs. Because of the commitment of the companies towards maintaining quality, they have become household names," he said.

The South Korean President said that it was the right time to take bilateral relationship to the next level. He said that he was committed to raise Korea’s relations with India to the level as those with four major powers around the Korean peninsula.

India is a little wary about expanding the CEPA as it's trade deficit with South Korea in 2017-18 stood at $12 billion. While India’s exports to South Korea increased insignificantly from $3.72 billion in 2010-11 (the year the CEPA was implemented) to $4.46 billion in 2017-18, its imports from South Korea jumped from $10.47 billion in 2010-11 to $16.36 billion in 2017-18.

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