India and South Korea sign 16 MoUs on 20 April 2026 to enhance trade and technology ties

Key facts

• India and South Korea signed 16 Memorandums of Understanding (MoU) on 20 April 2026, focusing on e-mobility, green energy, and advanced manufacturing.
• The two nations aim to double bilateral trade from $27 billion to $54 billion by 2030, targeting an annual growth rate of approximately 18 per cent.
• Priority sectors identified for cooperation include semiconductors, electronics, e-mobility, green energy, shipbuilding, and digital trade.
• An India-Korea Industrial Cooperation Committee has been established with four working groups covering trade, industry, strategic resources, and clean energy.
• Both countries are working to upgrade the Comprehensive Economic Partnership Agreement (CEPA), which was originally signed in 2009.
• The partnership envisions the establishment of a Korea-specific industrial township in India with plug-and-play infrastructure to boost investment.
• Cooperation was established under Article 6.2 of the Paris Agreement to enable carbon market collaboration through the trading of emission reductions.
• India and South Korea reiterated their respective net-zero targets of 2070 and 2050.
• Diplomatic relations between India and South Korea were established in 1973.
• Union Commerce and Industry Minister Piyush Goyal stated that the first tranche of a bilateral trade agreement between India and the United States is almost finalised.