India-South Korea Trade Talks: The talks will focus on the burgeoning trade deficit, market access issues and non-tariff barriers faced by Indian exporters.
New Delhi: India and South Korea are all set to have trade talks on Tuesday, On January 11, 2022. The talks will focus on the burgeoning trade deficit, market access issues and non-tariff barriers faced by Indian exporters, according to media reports. Indian Minister of Commerce, Piyush Goyal and his Korean counterpart Han-Koo Yeo will also discuss the ways to boost trade relations between the two countries.
“The meeting is expected to further boost India-Korea trade relations in an equitable and balanced manner to the mutual advantage of both countries”, the official press release by the Indian government said.
As per the Ministry of External Affairs, the trade and economic relations between India and South Korea have gathered momentum in recent years with annual bilateral trade reaching $21.5 billion in 2018, crossing the $20 billion mark for the first time. Bilateral trade in January-December 2020 was recorded at $16.9 billion. The bilateral Comprehensive Economic Cooperation Agreement (CEPA), set in place since 2010, has spurred trade and investments both ways.
However, the trade was badly hit due to the Covid-19 pandemic.
India-South Korea Relations: Key Points
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- The trade relations between the two countries grew after the establishment of consular relations in 1962.
- The relations were upgraded to Ambassador-level relations in 1973.
- Korea is a major focal point in India’s ‘Act East Policy’.
- In 2016, both countries launched an initiative called ‘Korea Plus’. It was launched in order to boost Korean investments in India.
- Major Korean companies including Samsung, Hyundai Motors and LG have made heavy investments in India in recent years.
- Indian companies like Mahindra and Mahindra, Tata Motors and banks like State Bank of India and Bank of Baroda have large investments in South Korea.
