India-Korea bilateral trade to hit US 50 billion mark by 2030

The two sides agreed to work to make global supply chains more resilient and robust. They also noted that bilateral trade was at an all-time high of USD 28 billion approx.

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By: TNI Team
Updated: 17 January, 2023 11:05 pm IST

Saurabh Kumar, Secretary (East), Ministry of External Affairs, Government of India, paid an official visit to the Republic of Korea (ROK) from 16-17 January 2023 to co-chair the 5th Foreign Policy and Security Dialogue (FPSD) with his ROK counterpart H.E. Mr. Cho Hyundong, First Vice Foreign Minister, Ministry of Foreign Affairs, Republic of Korea, on 16 January 2023.

During the FPSD, both sides agreed to enhance India–ROK Special Strategic Partnership by strengthening strategic communication through regular high-level engagements including the Foreign Minister-level Joint Commission Meeting, ‘2+2’ dialogue involving Foreign Ministry and Defense Ministry at Vice Minister/Secretary level, other ministerial and senior official dialogues, as the two countries celebrate 50 years of establishment of diplomatic relations this year.

Both sides agreed to deepen cooperation in areas including, trade and investment, security and defense, science and technology, as well as, cultural and people-to-people exchanges. Secretary (East) informed the Korean side about the opportunities India offers to Korean companies for investments in manufacturing, infrastructure, and other sectors. The two sides agreed to work to make global supply chains more resilient and robust. They also noted that bilateral trade was at an all-time high of USD 28 billion approx. and agreed to take concrete steps to realize the vision of taking it to USD 50 billion by 2030. Both sides also discussed opportunities for cooperation in new and emerging technologies.

FPSD provided an opportunity to share perspectives on regional and global issues including the situation on the Korean Peninsula and in the Indo-Pacific region. The two sides noted that ROK’s recently announced Indo-Pacific Strategy provides an opportunity to deepen bilateral cooperation including expanding it to new areas. They also discussed cooperation in multilateral fora. Secretary (East) briefed the ROK side about the priorities of India during its Presidency of G20. The latter appreciated India’s efforts and assured its full support for the success of the G20.

Secretary (East) also had separate meetings with Representative Kim Tae Ho, Chairman of the Foreign Affairs and Unification Committee of RoK National Assembly; Shin Beomchul, Vice Minister for Defense; and Kim Kwan Yong, Executive Vice Chairman of Peaceful Unification Advisory Council.

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