South Korean trade minister’s visit to India

Tags: National News

South Korean trade minister Yeo Han-Koo visited India on 11th January and agreed to expand trade by upgrading the existing bilateral agreement and resolving industry specific issues to achieve $50 billion bilateral trade by 2030.

Highlight of the visit:

• Indian Commerce Minister Piyush Goyal and his counterpart agreed to impart fresh momentum to the discussions on CEPA (Comprehensive Economic Partnership Agreement) up-gradation negotiations.
• They also agreed to promote extensive B2B (business-to-business) interactions on trade and investment between the industry leaders of the two countries.
• 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 to achieve the target of $50 billion before 2030, which was agreed at the summit meeting in 2018.
• South Korea is one of the key investors in India, it’s total foreign direct investment to India up to September 2020 was about $6.94 billion.