India holds bilateral trade discussions with leading countries

New Delhi – The Commerce Minister of India and South Korea recently held a meeting to discuss bilateral trade and investment. During the talks, India and South Korea agreed to discuss free trade agreement between the two countries. A free trade agreement between India and the United Kingdom will be discussed starting from Wednesday. At the same time, India has agreed to a free trade agreement with Australia, announced soon. Union Commerce Minister Piyush Goel informed that talks for free trade agreements with the United Arab Emirates and Israel have also started.

South Korean Trade Minister Yeo Han-koo and delegates have arrived in India. Moreover, he met Commerce Minister Piyush Goyal on Tuesday and discussed bilateral trade and investment. Commerce Minister Piyush Goyal demanded more opportunities for India in the steel, engineering and agriculture sectors which have received a positive response from South Korea.

In the fiscal year 2020-21, trade between India and South Korea reached $17.5 billion. During this period, India imported $12.8 billion worth of products from South Korea, whereas the exports were only $4.7 billion. There is a trade deficit of about $8 billion. In the meeting, India expressed concern over this and justified the demand raised by India with South Korea.

Meanwhile, in January 2010, India and South Korea signed the Comprehensive Economic Partnership Agreement (CEPA). Amendment proposed in the agreement were discussed in the meeting. India and South Korea have set a goal of increasing their bilateral trade to $50 billion by 2030.

Meanwhile, India will be negotiating a free trade agreement with the United Kingdom on Wednesday. British Trade Minister Anne-Marie Trevelyan is coming on a two-day visit to India for the meeting. She will hold bilateral talks with Commerce Minister Piyush Goyal. Discussions on Green Trade for climate sustainability is expected to happen between the foreign minister of the two countries.

In 2019, bilateral trade between India and the UK stood at GBP 23.3 billion. India’s investment in Britain employed 95,000 people. Trade Minister of the United Kingdom said, ‘There are strong and friendly relations between India and the United Kingdom, and this strong foundation will be used to boost trade between the two countries. Developing trade cooperation will be the top priority of the United Kingdom in 2022.’

India is in talks to sign a free trade agreement with the United Arab Emirates, Israel, and the European Union. The world recognises India’s economic significance and significant countries are taking initiatives to strengthen trade and enhance economic cooperation with India.