India, South Korea decide to solve matters and attain $50bn trade by 2030

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• Jan 12, 2022 | moderator

Digital Desk: As per official statement, India and South Korea has decided to solve issues and start bilateral trade. A commerce ministry statement stated that Indian Commerce minister Piyush Goyal and Korean trade minister Yeo Han-Koo discussed bilateral trade and investment-related matters in New Delhi on Tuesday.

India and South Korea decided to boost trade by elevating the current bilateral contract. Both the nations agreed to resolve industry-specific problems to attain $50 billion bilateral business by 2030.

The official statement stated, "The Ministers agreed to impart new momentum to the back-and-forths on CEPA (Comprehensive Economic Partnership Agreement) up-gradation negotiations and even encourage comprehensive B2B (business-to-business) exchanges on business and investment between the enterprise directors of the two nations."

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Both the ministers decided with "the spirit of openness" to discourse problems described by enterprise from both ends. They had instructed their respective negotiating units to meet regularly to conclude the CEPA up-gradation negotiations as soon as possible to attain the mark of $50 billion before 2030, which was agreed at the discussion forum in 2018.

According to two officials who demanded anonymity, the Indian side has been driving for a review of CEPA finalized in 2009 to bridge its increased trade debt with South Korea. "The discussion will concentrate on addressing the big trade debt, market key points, and non-tariff obstacles fronted by Indian exporters, and talks will again concentrate on investment-related matters," stated a commerce ministry statement issued on Monday.

As per data, South Korea's total foreign direct asset to India up to September 2020 was approximately $6.94 billion. It is one of the fundamental investors in India.

The prospect of trade between both the nations will bring better outcomes. This agreement will expand the ways for the youths of the nation to take part in engaging their skills in trade and investment matters.