Republic of Korea Foreign Minister Kang Kyung-wha met External Affairs Minister Sushma Swaraj in New Delhi
Republic of Korea Foreign Minister Kang Kyung-wha met External Affairs Minister Sushma Swaraj in New Delhi

India, South Korea agree on redoubling trade to 500bn USD by 2030

ANI | Updated: Dec 19, 2018 17:49 IST

New Delhi [India], Dec 19(ANI): South Korean Foreign Minister Kang Kyung-wha and her Indian counterpart Sushma Swaraj agreed to redouble bilateral trade to 50 billion USD by the year 2030. Both the leaders met here at the Jawaharlal Nehru Bhavan and reviewed multifaceted cooperation under the Special Strategic Partnership between the two countries.
While co-chairing the ninth Joint Commission meeting in New Delhi, both the ministers expressed satisfaction over the growth in bilateral trade and investment over the past two years. They also agreed to increase bilateral trade to USD 50 billion by the year 2030. "We shared the view that early conclusion of ongoing negotiations to upgrade our bilateral Comprehensive Economic Partnership Agreement (CEPA) and implementation of trade facilitation measures already agreed upon will help us move towards this target," the ministers said, according to a statement released by the Ministry of External Affairs.
Swaraj and Kyung-wha explored new avenues of Korean investment in India's infrastructure modernisation and encouraged Korean companies, known for their technological feats and global outlook, to create newer opportunities by partnering in the Government of India's flagship initiatives such as 'Make in India', 'Skill India', 'Digital India' and 'Smart City'.
The ministers further discussed potential cooperation in the energy sector. "As two large energy consumers of Asia, closer consultations between us serve our mutual interest in securing predictable energy supplies at stable prices. From the Indian side, we also extended an invitation for Republic of Korea (ROK) to join the International Solar Alliance," Swaraj said in her statement.
"Foreign Minister Kang and I also exchanged views on regional and global issues of common interest. I conveyed to Foreign Minister Kang that India sees ROK as an indispensable partner in its 'Act East' policy and in its vision of the Indo-Pacific," Swaraj added.
The ministers also acknowledged the complementary aspects of India's Act East Policy and ROK's New Southern Policy that creates a natural synergy for strengthening and creating new avenues for our cooperation, including in the wider region. They agreed on the importance of a free, open, peaceful and rules-based order as being essential for achieving our common goal of peace, stability and prosperity in our shared region and beyond.
Sushma reiterated the Indian government continued support to the efforts made by President Moon Jae-in of South Korea, to address the Korean nuclear issue and promote inter-Korean ties through dialogue and negotiation. India also expressed its sincere hopes that these efforts will bear fruits to usher in a new era of peace and stability in the Korean peninsula.
In addition to this, Swaraj and her counterpart shared the view that terrorism, in all its forms and manifestations, is a global scourge, and resolved to combat it through coordinated regional and global efforts.
"To conclude, I believe that our discussions today have laid a sound foundation for the sustained momentum of our Special Strategic Partnership. I look forward to continuing my close consultations with Foreign Minister Kang to this end," Swaraj said.
Kyung-wha, who is on a two-day visit to India, and Swaraj also reviewed the follow-up action on decisions taken during President Moon's visit to India, earlier in July, and explored some new possibilities.
She is slated to emplane for South Korea tonight. (ANI)

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