Union Commerce Minister Piyush Goyal announce upgrade of India-Korea Trade Agreement. He said that the two countries are working on a more balanced partnership. It address New Delhi’s concern about the growing trade deficit.
India-Korea Trade Agreement balance partnership
Goyal’s remarks came after PM Modi spoke at a joint press conference with South Korean President Lee Jae Myung earlier that day. Modi said the two countries have made several important decisions to increase bilateral trade from $27 billion to $50 billion by 2030. This includes upgrading the India-Korea trade agreement within the next year.
In 2024-25, India imported goods worth $21.06 billion from South Korea and exported $5.82 billion, resulting in a trade deficit of $15.24 billion.
Upgrade economic partnership
Goyal spoke about bilateral trade at the India-Korea Business Forum during the Korean President’s visit to New Delhi. He said, “We have agreed to work on a fast track, in mission mode, to upgrade the comprehensive economic partnership. This will address several non-tariff barriers and make it easier to do business between our two countries. We want to ease the rules of origin, expand market access, and open doors in both countries.
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