India and South Korea Recently Signed Agreement on Bilateral Trade and Investments
In a significant development, India and South Korea recently signed an agreement on enhancing bilateral trade and investments between the two countries. The agreement was signed by representatives of the two nations at the India-South Korea Business Forum in New Delhi.
The agreement aims to deepen the economic ties between India and South Korea by creating a conducive business environment that will enable companies from both countries to expand their operations and explore new investment opportunities.
Under the agreement, both countries have agreed to reduce trade barriers and increase market access to each other`s products and services. This will not only benefit the businesses of both countries but also strengthen their economic partnership.
India and South Korea have set an ambitious target of increasing their bilateral trade to $50 billion by 2030. Currently, the two countries have a trade volume of around $16 billion, with South Korea being the fifth-largest trading partner of India.
The agreement also covers collaboration in sectors such as defence, information technology, electronics, and renewable energy. South Korea is renowned for its advanced technology and innovation, while India is the world`s second-largest market for smartphones and has a thriving IT industry. The collaboration between the two countries in these sectors will lead to the exchange of knowledge, expertise, and technology, which will benefit both economies.
The agreement on bilateral trade and investments between India and South Korea is a significant step towards deepening their economic partnership. It will not only increase the volume of trade between the two countries but also create new opportunities for businesses to grow and expand. With this agreement in place, India and South Korea are well on their way to achieving their target of $50 billion in bilateral trade by 2030.