India and South Korea set goal of raising bilateral trade to $50 billion by 2030
The Facts
- Prime Minister Narendra Modi and South Korean President Lee Jae Myung met in New Delhi on April 20 during Lee's visit to India.
- India and South Korea said they aim to increase bilateral trade to $50 billion by 2030, up from roughly $25 billion to $27 billion currently.
- The two sides said they would deepen economic cooperation in sectors including shipbuilding and artificial intelligence.
- The leaders said they would work to upgrade or restart negotiations on their existing trade agreement, the Comprehensive Economic Partnership Agreement (CEPA).
- Lee's trip is the first South Korean presidential state visit to India in eight years.
- The talks were framed by both sides as a way to strengthen economic and strategic ties amid broader global or geopolitical uncertainty.
- India and South Korea signed multiple agreements or documents during the visit, including cooperation measures beyond trade alone.
Analytical frames for this storyTap to explore
Context
What trade target did the two countries announce?
They said they want bilateral trade to reach $50 billion by 2030, compared with current annual trade of about $25 billion to $27 billion Daily Mail,mint,Dawn.
Which sectors were highlighted for closer cooperation?
The leaders highlighted areas such as shipbuilding, semiconductors, artificial intelligence, energy and other strategic industries as priorities for deeper cooperation infobae,Bloomberg Business,Dawn.
Why is Lee Jae Myung's visit notable?
It is described as the first South Korean presidential state visit to India in eight years, underscoring the importance both governments are placing on the relationship NDTV,Dawn,Deutsche Welle.
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Wire services (2)
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