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India, South Korea to achieve $ 50 Billion Trade by 2030: Centre

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On Tuesday, India and South Korea agreed to expand their trade by upgrading the existing bilateral agreement to achieve $50 billion bilateral trade by 2030.

$50 Billion Bilateral Trade by 2030

According to a report by Hindustan Times, Minister of Commerce and Industry Piyush Goyal and Korean trade minister Yeo Han-Koo held “wide ranging discussions” covering bilateral trade and investment-related matters to achieve a $50 billion bilateral trade by 2030.

Upgradation of CEPA and promote B2B

“The Ministers agreed to impart fresh momentum to the discussions on CEPA (Comprehensive Economic Partnership Agreement) up-gradation negotiations and also promote extensive B2B (business-to-business) interactions on trade and investment between the industry leaders of the two countries,” it said.

With “the spirit of openness” the two ministers have agreed to address issues faced by both Indian and South Korean counterparts. Along with this, both sides have instructed their respective negotiating teams to meet regularly to conclude the CEPA up-gradation negotiations.

They further added, “The ministers agreed to boost bilateral trade between India and Korea to achieve growth in a fair and balanced manner to the mutual advantage of both sides and to achieve the target of $50 billion before 2030, which was agreed at the summit meeting in 2018.”

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