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India and South Korea have set to achieve bilateral trade target of 50 billion USD by 2030. The target was set during the summit held in 2018. Recently, the foreign ministers of the respective countries met to discuss on terms to achieve the target.
How will the target be achieved?
The bilateral trade between the countries from January 2021 to June 2021 was 10.97 billion USD. This is 38% higher than 2020. During this period, the South Korean exports to India increased and imports increased. The exports from the country were 7.4 billion USD and it increased by 38.5% as compared to 2020. The imports were 3.6 billion USD and it increased by 37.4% as compared to 2020.
India is facing trade deficit with South Korea. When the exports to a country is less the imports, it is called trade deficit.
Agreements between the countries
The following agreements have been signed by the countries so far:
By: Brijesh Kumar ProfileResourcesReport error
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