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'India-S. Korea trade to achieve USD 30 bn by 2014'
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Union Minister for Commerce and Industry, Anand Sharma and the Trade Minister for S. Korea, Kim Jong-Hoon, at a Joint Press Conference on Jan 20. |
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Saurabh Gupta | 20 Jan, 2011
India-South Korea bilateral trade will easily be in a position to achieve the trade
target of USD 30 billion by 2014, said Anand Sharma, Minister of Commerce and
Industry at press conference held in New Delhi today.
The minister told this to media during the question
answer secession of the Joint Committee at the Ministerial Level (Ministerial
Joint Committee) to review the implementation of the India-Korea CEPA.
Sharma said that the signing of CEPA with Republic of
Korea in August 2009 underscored our strong commitment to deepening trade and
investment linkages between our two countries.
He also said that it has now been a year since the
agreement has come into force and in 2010 the bilateral trade between our two
countries stood at nearly USD 15 billion, witnessing a growth of nearly 44
percent over the previous year.
"Though in a recessionary backdrop the trade between our
two countries has grown five fold in the last 8 years," he added.
He said, "I am confident that as exporters on both sides
develop a better understanding of the advantages presented by this agreement
through a liberal tariff regime, we should easily be in a position to achieve
the trade target of USD 30 billion by 2014."
"The services economy will, particularly benefit from a
liberalized regime on both sides and will form an important building block for
augmenting the bilateral trade between our two countries. We view the agreement
with the Republic of Korea to serve as an economic bridge between South Asia
and the larger East Asian economy, paving the way for a larger regional
economic integration across the continent of Asia," he added.
KIM Jong-Hoon, South Korean Minister for Trade and Anand Sharma, had
extensive discussion on bilateral trade and economic relations, trade policy
and progress in the Doha Round of WTO talks. The Korean minister led a
high-level delegation comprises business, professionals and government
officials.
The Ministers shared the view that both countries should work further to
encourage mutual investment. The two sides identified measures to be taken for
enhancing Korea’s investment in India.
The Ministers shared the view that a strong multilateral
trading system is vital for ensuring future growth in the world economy and
committed themselves to continue their cooperation to achieve an ambitious,
balanced and comprehensive conclusion of the Doha Development Round as early as
possible.
It was decided that the next Ministerial Joint Committee meeting would be
convened in Seoul in 2012.
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