India, South Korea Set Ambitious Trade Growth Target for 2030

India and South Korea Set Ambitious Trade Goal of $50 Billion by 2030

Leaders from India and South Korea gathered in New Delhi on Monday to discuss ways to strengthen their bilateral trade relations. The two countries aim to double their annual trade volume to $50 billion by 2030, up from the current level of $25 billion.

South Korea's President Lee Jae-myung made his first visit to India, where he was accorded a ceremonial welcome at the presidential palace, with Prime Minister Narendra Modi standing alongside him. The talks between the two leaders focused on upgrading their 2010 comprehensive economic partnership agreement, with the goal of creating new drivers for mutual growth.

Key sectors discussed during the talks included shipbuilding, artificial intelligence, finance, and defence cooperation. Both sides emphasized the importance of broadening their strategic partnership, underpinned by trade and technology. The discussions were also framed as a response to the disruptions facing global supply chains and energy markets due to growing security tensions.

Read also: Treasury Yields Experience Largest Increase in Two Weeks Following Release of Labor Market Data

The talks also highlighted the growing importance of the India-South Korea relationship in the face of rising risks to South Korea's energy supplies. Recent US-Israeli strikes on Iran have prompted Tehran to effectively close the Strait of Hormuz, a key global oil shipping route. India, on the other hand, 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.