India and South Korea Sign Major Trade Agreement Targeting $50 Billion Annual Trade by 2030

Gate News message, April 20 — India and South Korea signed a major trade agreement on Monday, April 21, aimed at increasing bilateral trade to approximately $50 billion by 2030, effectively doubling the current annual trade volume. South Korean President Lee Jae Myung met with Indian Prime Minister Narendra Modi to deepen trade alliances between the two Asian nations.

The upgrade to the Comprehensive Economic Partnership Agreement (CEPA) resulted in the signing of approximately 15 new documents spanning clean energy, artificial intelligence, critical minerals and supply chains, semiconductors, shipbuilding, manufacturing, defense, and digital trade. Both leaders established an India-Korea Industrial Cooperation Committee to focus on investment in industry, trade, strategic resources, and clean energy. To achieve the $50 billion target, bilateral trade must grow at an annual rate of roughly 18% from its current level of $25-27 billion.

The partnership reflects India’s emergence as the world’s fastest-growing major economy and efforts by global powers to diversify supply chains away from China. India’s long-term development plan, Viksit Bharat 2047 (Developed India 2047), aims to transform the nation into a fully developed economy by 2047 through scaling domestic production, technological leadership, clean energy expansion, and infrastructure development.