India - Korea for Upgradation to CEPA to Hit $50bn by 2030

H.E. Mr. Yeo Han-Koo, the Minister for Trade of the Republic of Korea paid an official visit to India at the invitation of Piyush Goyal, Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles of the Republic of India. Trade Minister Mr. Yeo met with the Commerce and Industry Minister Mr. Piyush Goyal in New Delhi today.

Both the Ministers held wide ranging discussions covering the whole gamut of Bilateral Trade and Investment related aspects. The Ministers agreed to impart fresh momentum to the discussions on CEPA up-gradation negotiations and also promote extensive B2B interactions on trade and investment between the Industry leaders of the two countries.

The two Ministers agreed with the spirit of openness to address difficulties expressed by industry from both sides and instructed their respective negotiating teams to meet on a regular basis in order to conclude the CEPA up-gradation negotiations as soon as possible in a time bound manner building upon support from relevant stakeholders, so as to try to achieve the target of USD 50 Billion before 2030 which was agreed at the summit meeting in 2018.

This regular negotiations shall be a forum to discuss the difficulties of business community from both countries and emerging trade-related issues including supply chain resilience. 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.