NEW DELHI: South Korea's Trade Minister Yeo Han-Koo met with India's Commerce and Industry Minister Piyush Goyal in New Delhi on Tuesday, setting a bilateral trade aim of USD 50 billion by 2030.

The two ministers engaged in extensive discussions on a wide range of bilateral trade and investment issues. They also agreed to give the Comprehensive Economic Cooperation Agreement (CEPA) upgradation talks a boost, as well as foster extended B2B trade and investment exchanges between the two countries' business leaders, according to a statement from the Commerce and Industry Ministry.

The two ministers agreed to address issues raised by industry on both sides, and instructed their respective negotiating teams to meet on a regular basis in order to complete the CEPA upgradation negotiations as quickly as possible, on a timetable, and with the support of relevant stakeholders, in order to meet the USD 50 billion target set at the summit meeting in 2018.

These frequent meetings will provide as a forum for discussing the challenges facing the business community in both nations, as well as new trade-related topics such as supply chain resilience. The ministers decided to increase bilateral trade in order to achieve growth in a fair and balanced way that benefits both parties.

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