FM confident of doubling South Korea trade to $30 bn by 2014

Posted By: Pti
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New Delhi, Jan 17 (PTI) Finance Minister Pranab Mukherjeetoday exuded confidence that India''s bilateral trade withSouth Korea will double to USD 30 billion by 2014, despite thestate of flux in the global economy.

"We have already fixed the target of USD 30 billion to beachieved during 2014. Despite world slowdown, our bilateraltrade has substantial growth, more than 40 per cent," FinanceMinister Pranab Mukherjee told reporters.

India''s trade with South Korea was up 45 per cent to USD15.6 billion in January-November, 2010. Trade between the twocountries declined by 31 per cent during the same period in2009.

The Finance Minister was talking to reporters afterholding a meeting with his South Korean counterpart, YoonJeung-hyun.

The two ministers also discussed a Comprehensive EconomicPartnership Agreement (CEPA) between the two countries.

The CEPA has completed one year and will come up forreview in the next few days.

"We have also discussed CEPA and a review will take placeof CEPA, which we have with the Republic of Korea. One yearhas been completed. In a couple of days, we should review howit has functioned," Mukherjee said.

Under the CEPA implemented last year, tariffs are beingreduced or eliminated on the maximum number of tradeable goodsbetween the two countries.

The pact is expected to boost bilateral trade by as muchas USD 3.3 billion annually.

When asked whether the hurdles faced by South Koreansteel giant Posco in India came up for discussion duringMukherjee''s meeting with Yoon, an official from that countrysaid general economic relations were discussed by the twoFinance Ministers and not by the individual companies.

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