NEW DELHI, April 20: India and South Korea aim to double bilateral trade to $50 billion by 2030, the leaders of both countries said on Monday following talks in New Delhi.
South Korea's President Lee Jae-myung, on his first visit to India, was accorded a ceremonial welcome at the presidential palace, with Prime Minister Narendra Modi standing alongside him as honour guards marched past.
In a speech following the talks, Lee said the two countries had agreed to speed up negotiations to upgrade their 2010 comprehensive economic partnership agreement.
"We agreed to upgrade our economic cooperation framework to create new drivers for mutual growth," the South Korean president said.
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"We aim to increase the current $25 billion level of annual trade volume to around $50 billion by 2030."
Modi said that "we have taken several important decisions today" to double bilateral trade.
Both sides said the discussions focused on shipbuilding, artificial intelligence, finance and defence cooperation, as they seek to broaden a strategic partnership underpinned by trade and technology.
"From chips to ships, from talent to technology, from environment to energy, we will realise new opportunities for cooperation in every sector," Modi said.
Seoul and New Delhi are looking to work together as global supply chains and energy markets face disruption amid growing security tensions.
"In the era of hyper-uncertainty, we share the view that Korea and India can be the most ideal partners for comprehensive cooperation to promote mutual growth and innovation," Lee said in a statement on social media earlier Monday.
South Korea has faced rising risks to its energy supplies in recent months after US-Israeli strikes on Iran in late February prompted Tehran to effectively close the Strait of Hormuz, a key global oil shipping route.
India has been seeking deeper economic engagement with South Korea as part of its broader push to attract foreign investment, boost manufacturing and reduce dependence on China.
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