India, S.Korea trade target $ 50 bn |
India and South Korea have set a target of increasing bilateral trade to $50 billion by 2030 from $20 billion and speedily conclude negotiations to upgrade the bilateral Comprehensive Economic Partnership Agreement (CEPA). Prime Minister Narendra Modi and South Korean President Moon Jae-in, in a joint statement following their bilateral meeting, welcomed the finalisation of the elements of an Early Harvest Package (EHP) that would lead towards an upgraded CEPA. Business community from both countries are urged to leverage opportunities arising from complementarities between the two economies, to enhance investment, to promote joint ventures, and to work towards the goal of raising bilateral trade to US $50 billion by 2030. Addressing a joint press meet, Modi said that Korean companies have made large-scale investments in India. South Korean companies have participated in Make in India programme and also created jobs. Because of the commitment of the companies towards maintaining quality, they have become household names. The South Korean President said that it was the right time to take bilateral relationship to the next level. He said that he was committed to raise Korea`s relations with India to the level as those with four major powers around the Korean peninsula.
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