US Edition
India and South Korea agree to nearly double trade to $50B by 2030
- On Monday, South Korean President Lee Jae Myung met Indian Prime Minister Narendra Modi in New Delhi, pledging to nearly double bilateral trade to $50 billion by 2030 from about $27 billion.
- Leaders agreed to accelerate negotiations to modernize the Comprehensive Economic Partnership Agreement to align with evolving global trade norms and strengthen investment conditions amid supply chain disruptions.
- The pair signed 15 agreements targeting artificial intelligence, critical minerals, and clean energy while establishing a ministerial-level Industrial Cooperation Committee to strengthen economic ties and trade collaboration.
- Addressing energy security concerns in the Middle East, Lee announced plans to increase naphtha imports from India, which supplied about 8% of South Korea's naphtha imports last year.
- Both nations committed to revising the memorandum of understanding on SMEs, establishing a consultative body between the Korean Embassy in India and Indian authorities to facilitate Korean SMEs' market entry.
16 Articles
16 Articles
Korea and India Agree to Advanced Cooperation in Resources and Establish Supply Chains for Naphtha and Petrochemicals. Taking advantage of their summit, Korea and India will strengthen cooperation to respond to the global energy supply chain crisis caused by the Middle East war, including establishing a stable supply system for petrochemical raw materials such as naphtha. On the 20th, the Ministry of Trade, Industry and Energy [announced] that t…
India–South Korea sign 15 pacts to boost trade, AI cooperation, more: Prez Lee says aim is to ‘double bilateral trade’
In a joint press conference with PM Narendra Modi, the South Korean President said, ‘We aim to increase the current 25 billion dollar level of annual trade volume to around 50 billion dollars by 2030.’
India, South Korea Aim to Double Trade, Deepen Shipbuilding Ties
(Bloomberg) — South Korea and India agreed to deepen cooperation in defense and shipbuilding and to double bilateral trade as both seek stronger ties with reliable regional partners amid escalating Middle East tensions
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