India targets 30 billion dollars trade with South Korea by 2014

Seoul (South Korea), June 18 (ANI): India on Friday expressed confidence to achieve trade target of 30 billion dollars with Republic of Korea (ROK) by 2014.

Addressing the India - Republic of Korea (ROK) Joint Commission, External Affairs Minister S M Krishna stressed that economic cooperation is the bedrock of India - ROK bilateral relations.

"Bilateral trade has jumped by a robust 70 percent in the first four months of the year. This trend is expected to continue over the coming months, providing confidence that the trade target of US 30 billion dollars by 2014 can be achieved," Krishna said.

In this context, Krishna pointed out the need for expanded, but balanced trade growth and made a strong case for greater access to the Korean market for Indian pharmaceuticals, IT enabled services and agro-products.

Krishna who is on a three-day official visit to South Korea chaired the joint commission meeting along with his counterpart Yu Myung-hwan.

Both Krishna and Yu Myung-hwan reviewed the implementation of the Comprehensive Economic Partnership Agreement (CEPA) and discussed ways to enhance bilateral defence and security cooperation.

Krishna and Yu Myung-hwan also discussed navy-to-navy cooperation in anti-piracy operations in the Indian Ocean.

Krishna stressed the potential for expanded cooperation in defence production including through transfer of technology, joint ventures and co-production.

Noting that both India and South Korea had exchanged drafts of an Inter Governmental Agreement on Peaceful Uses of Nuclear Energy, Krishna and Yu Myung-hwan agreed to launch negotiations between the two countries, at an early date, for the conclusion of such an agreement.

Krishna proposed that the establishment of the dedicated Joint Science and Technology Fund of US ten million dollars to promote joint research between scientists and technologists of the two countries be expedited.

The Joint Commission discussed details of the "Year of India" in Korea and the "Year of Korea" in India in 2011, including cooperation in showcasing Indian culture and arts in Korea.

Krishna suggested the installation of a bust of Indian poet Rabindranath Tagore at a prominent location in Seoul in 2011, the 150th birth anniversary of the poet.

Both India and South Korea agreed that an open and inclusive Asian regional architecture based on the principles of mutual benefit and shared opportunity is in the interest of both countries.

They agreed to work closely towards this goal within the East Asia Summit framework. (ANI)