India and Korea Eye Modern FTA to Double Trade by 2030
India proposes a new bilateral free trade agreement with Korea to update the existing comprehensive economic partnership agreement. The goal is to address trade deficit concerns and double commerce to USD 54 billion by 2030. The two nations also discuss investment and collaboration opportunities in technology and other sectors.
- Country:
- India
In a bid to strengthen economic ties, India has proposed to Korea the negotiation of a fresh bilateral free trade agreement. The aim is to modernize the existing comprehensive economic partnership agreement (CEPA) and tackle ongoing concerns about the trade deficit between the two nations.
India's Commerce and Industry Minister, Piyush Goyal, made the suggestion during discussions with his Korean counterpart Yeo Han-koo in the presence of South Korean President Lee Jae Myung. By 2030, the countries aim to double their trade to USD 54 billion from the current USD 27 billion, ensuring a more balanced relationship.
The discussions covered investment cooperation, particularly in sectors like modern technology. Plans for a Korean enclave in India, similar to the existing Japanese township, were discussed to foster industrial growth. The collaboration is expected to help both countries tap into new economic opportunities, including the establishment of a large steel plant in Odisha.
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