Last week, Indian Prime Minister Narendra Modi and South Korean President Moon Jae-in had set a target of increasing bilateral trade to $50 billion by 2030 from the existing level of $ 20 billion.
In the upgraded Comprehensive Economic Partnership Agreement (CEPA), South Korea has eliminated import tariffs for an additional 17 Indian products, which includes mango and sweet corn.
India, on the other hand, has agreed to reduce/eliminate tariffs for eleven items exported by South Korea which include fish fillets and marine base oil.
To make it easier for professionals to move from one country to the other, the Early Harvest Package (EHP) also increased the visa duration for ICT employees to three years from one year.
Bilateral trade is heavily in favour of South Korea which enjoyed a trade surplus of $12 billion with India in 2017-18.
Source: thehindubusinessline.com
