India–South Korea Sign Major Agreements to Double Bilateral Trade by 2030
India and South Korea have committed to nearly doubling their annual bilateral trade to $50 billion by 2030 during high-level talks held on 20 April.
Both countries also agreed to upgrade their Comprehensive Economic Partnership Agreement (CEPA) by next year.
Following discussions between Prime Minister Narendra Modi and South Korean President Lee Jae-myung, the two nations signed 15 agreements covering industrial cooperation, steel supply chains, energy, defence, shipbuilding, semiconductors, and critical minerals.
The leaders emphasized strengthening cooperation in emerging technologies, supply chains, and economic security, and announced the establishment of a Korean industrial township in India.
Both sides also launched an Economic Security Dialogue and agreed to enhance cooperation in climate change, Arctic affairs, and maritime sectors.
They reaffirmed their shared vision for a peaceful, stable, and inclusive Indo-Pacific region amid global geopolitical tensions.
India and South Korea’s bilateral trade has already reached $27 billion, and both sides aim to expand it significantly over the coming years.