India, Korea trade set to double in next five years

New Delhi, Feb 22 (ANI): Union Commerce Minister Anand Sharma today hoped that the bilateral trade between India and Korea to further rise and double in the next five years.

During the meeting with Park Young June, Vice Minister of Knowledge Economy of South Korea, Sharma said that during the year 2009-10 bilateral trade was 11,997.12 million dollars and it will further rise and double in the next five years.

"Compared with 2001-02 when total bilateral trade turnover was 1,612.74 million dollars, the total trade has increased by more than six times", he added.

Sharma said that India and Korea share the view that a strong multilateral trading system is vital for ensuring future growth in the world economy and committed to continue their cooperation to achieve an ambitious, balanced and comprehensive conclusion of the Doha Development Round as early as possible.

He informed that the first meeting of the Joint Committee at Ministerial level was held last month to review the implementation of India-Korea CEPA.

He said that after coming into force India-Korea CEPA, bilateral trade has increased by more than 40 per cent as compared to the previous year and added that CEPA is an important milestone in our bilateral trade and Economic Relations.

"It is expected that CEPA will unlock our complementary strengths and enhance the scope for mutual economic growth," he said.

"CEPA will create business opportunities for Korean Companies and would simultaneously provide opportunities to Indian professionals from software, engineering, finance and telecommunication sectors to participate and contribute to Korea's Services sector. We look forward to visible opening of the IT enabled services market in Korea for our reputed IT companies", he added.

Major items of India's exports to Korea were: cotton yarn, fabrics, made-ups; gems and jewellery; machinery and instruments, ferro-alloys, organic and inorganic chemicals.

Major items of India's imports from Korea were: iron and steel, electronic goods, transport equipments, project goods; organic chemicals.

Total foreign direct investment (FDI) inflows received from South Korea were 523.88 million dollars. (ANI)