India and South Korea hold bilateral trade talks; affirm commitment to reach $50 bn target

Union Minister for Commerce and Industry Piyush Goyal held a bilateral meeting with the Minister for Trade of the Republic of Korea, Yeo Han-Koo in New Delhi on Tuesday. During the meeting, wide-ranging discussions were held between India and South Korea on extensive B2B interactions related to trade and investment. The two sides also decided to impart fresh momentum to the discussions on CEPA up-gradation negotiations.

"H.E. Mr. Yeo Han-Koo, the Minister for Trade of the Republic of Korea paid an official visit to India at the invitation of H.E. Mr. Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles of the Republic of India. Trade Minister Mr. Yeo met with the Commerce and Industry Minister Mr. Piyush Goyal in New Delhi on January 11, 2022," a release by the Ministry of Commerce read.  

"Both the Ministers held wide-ranging discussions covering the whole gamut of Bilateral Trade and Investment-related aspects. The Ministers agreed to impart fresh momentum to the discussions on CEPA up-gradation negotiations and also promote extensive B2B  interactions on trade and investment between the Industry leaders of the two countries," it added.   

Target to achieve USD 50 Billion before 2030

In the course of the talks, Goyal and Yeo also affirmed their dedication to reaching the trade target of USD 50 billion before 2030 by concluding the CEPA up-gradation negotiation in a time-bound manner. It is important to mention that the trade crossed USD 20 billion for the first time in 2018. 

The Ministers also agreed to boost bilateral trade between India and South Korea to achieve growth in a fair and balanced manner to the mutual advantage of both sides. Additionally, it was stated that regular negotiations shall be a forum to discuss difficulties of business community from the two sides.

"The two Ministers agreed with the spirit of openness to address difficulties expressed by industry from both sides and instructed their respective negotiating teams to meet on a regular basis in order to conclude the CEPA up-gradation negotiations as soon as possible in a time-bound manner building upon support from relevant stakeholders, so as to try to achieve the target of USD 50 Billion before 2030 which was agreed at the summit meeting in 2018," the release mentioned. 

Image: Republic World