On Tuesday, India and South Korea agreed to increase bilateral trade by upgrading their existing bilateral agreement and resolving industry-specific issues in order to reach a $50 billion trade volume by 2030.

In New Delhi on Tuesday, commerce minister Piyush Goyal and Korean trade minister Yeo Han-Koo held “wide-ranging discussions” on bilateral trade and investment issues, according to a commerce ministry statement. “The Ministers agreed to give new impetus to discussions on CEPA (Comprehensive Economic Partnership Agreement) upgrade negotiations, as well as promote extensive B2B (business-to-business) trade and investment interactions between the two countries’ industry leaders,” the statement said.

The two ministers agreed to address issues raised by industry on both sides in a “spirit of openness,” and instructed their respective negotiating teams to meet on a regular basis in order to complete the CEPA up-gradation negotiations as soon as possible in order to meet the $50 billion target set at the summit meeting in 2018, according to the statement.

“The ministers agreed to increase bilateral trade between India and Korea in order to achieve growth in a fair and balanced manner that benefits both sides,” the statement continued.

According to two officials who requested anonymity, the Indian side has been pushing for a review of CEPA, which was signed in 2009, to help bridge the country’s large trade deficit with South Korea. “The discussion will centre on addressing India’s large trade deficit, market access issues, and non-tariff barriers, as well as investment-related issues,” according to a statement released by the commerce ministry on Monday.

South Korea’s total foreign direct investment in India is expected to be around $6.94 billion by September 2020. It is one of India’s most important investors.

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