India-South Korea bilateral trade target

Sakshi Education

India and South Korea have set to achieve bilateral trade target of 50 billion USD by 2030. The target was set during the summit held in 2018. Recently, the foreign ministers of the respective countries met to discuss on terms to achieve the target.

India-South Korea bilateral trade target

The target is to be achieved by giving fresh momentum to the CEPA (Comprehensive Economic Cooperation Agreement). Also, the governments will hold back-to-back discussions with their respective industrial leaders to boost the trade.
During the meet, the ministers agreed to instruct their respective negotiating teams to meet on regular basis to address the trade issues. This will help to conclude CEPA terms.
The countries are to negotiate regularly to address the supply chain resilience.
The bilateral trade between the countries from January 2021 to June 2021 was 10.97 billion USD. This is 38% higher than 2020. During this period, the South Korean exports to India increased and imports increased. The exports from the country were 7.4 billion USD and it increased by 38.5% as compared to 2020. The imports were 3.6 billion USD and it increased by 37.4% as compared to 2020.

Published date : 17 Jan 2022 02:38PM