India, South Korea target $50B in bilateral trade by 2030
What's the story
India and South Korea have announced plans to upgrade their Comprehensive Economic Partnership Agreement (CEPA). The decision was made during a joint address by Prime Minister Narendra Modi and South Korean President Lee Jae-myung. The leaders have set an ambitious target of increasing bilateral trade from the current $27 billion to $50 billion by 2030.
New initiative
India-Korea Financial Forum launched
To further strengthen economic engagement and investment flows, an India-Korea Financial Forum has been launched. Modi emphasized that both countries are working to create resilient ecosystems "from chips to ships," covering technology, energy, and advanced manufacturing. As part of this effort, India and South Korea have decided to establish an economic security dialogue focusing on critical technologies and supply chains.
Trade expansion
Upgrading trade agreement
The two countries also plan to upgrade their trade agreement in the next year, covering sectors such as shipbuilding, steel, and sustainability. Several memoranda of understanding are being pursued in these areas to boost industrial collaboration. Beyond trade and industry, both sides have emphasized cooperation in culture and creative industries like film and animation.
Strategic partnership
Lee emphasizes on enhancing economic cooperation with India
South Korean President Lee said Seoul will seek to enhance its economic cooperation with India. He emphasized the country's intention to strengthen collaboration in strategic sectors such as critical minerals, nuclear energy, and clean energy. The move is part of efforts by both sides to build resilient supply chains and transition toward cleaner energy sources.