India and Republic of Korea (ROK) target $50 billion bilateral trade by 2030

Key facts

• India and the Republic of Korea (ROK) aim to increase bilateral trade from $27 billion to $50 billion by 2030.
• The two nations decided to upgrade the India-Korea trade agreement by next year.
• An India-Korea financial forum, an industrial cooperation committee, and an economic security dialogue focused on critical technologies and supply chains will be launched.
• The India-Korea digital bridge was launched to deepen partnerships in Artificial Intelligence (AI), semiconductors, and information technology.
• A Korean industrial township will be established to facilitate the entry of Korean Small and Medium Enterprises (SMEs) into India.
• The ROK formally joined the Indo-Pacific Oceans Initiative and the International Solar Alliance (ISA).
• India signed to join the Global Green Growth Institute (GGGI).
• A comprehensive framework for partnership in shipbuilding, shipping, and maritime logistics was signed.
• Memorandums of Understanding (MoUs) were signed for cooperation in the field of ports and for technology and trade for steel supply chains.
• The two leaders agreed to hold leader-level meetings annually.
• Meetings of joint commissions led by foreign, finance, and science and technology ministers will be held this year.