India, Korea to hold discussions on ways to boost trade, investments

Issues such as addressing the large trade deficit, greater market access and non-tariff barriers faced by Indian exporters will figure in the meeting of trade ministers of India and Korea on Tuesday, an official statement said on Monday.

The meeting will be held between Commerce and Industry Minister Piyush Goyal and Korean Trade Minister Han-koo Yeo.

"The discussion will focus on addressing the large trade deficit, market access issues and non-tariff barriers faced by Indian exporters. The discussion will also feature investment related issues," it said.

It added that the meeting is expected to further boost India-Korea trade relations in an equitable and balanced manner.

Both the countries have implemented the Comprehensive Economic Partnership Agreement (CEPA), a kind of free-trade pact, in January 2010.

The bilateral trade between the countries stood at USD 17.5 billion in 2020-21. The trade is in favour of South Korea.

India's imports during the last fiscal was USD 128 billion, while exports were only USD 4.7 billion.