Finance

India, Korea agree to ‘impart fresh momentum’ to bilateral trade pact

India and South Korea are set to accelerate discussions on upgrading their bilateral trade agreement signed in 2009, said a joint statement released by both countries.

Commerce and industry Minister Piyush Goyal met with Yeo Han-Koo, Minister for Trade, Republic of Korea, on Tuesday for discussions on trade and investments between the two countries.

India has a large trade deficit with South Korea and is aiming to address issues of market access and non-tariff barriers faced by Indian exporters. “The ministers agreed to impart fresh momentum to the discussions on CEPA (Comprehensive Economic Partnership Agreement) up-gradation negotiations and also promote extensive B2B interactions on trade and investment between the Industry leaders of the two countries,” the joint statement said.

India’s total exports to South Korea in FY21 were about $4.68 billion against imports of $12.77 billion. Microphones and cameras are key imports from South Korea. Key exports to South Korea are aluminium and mineral fuels.

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