For more information on India`s trade agreements, India is currently communicating preferential market access and economic cooperation with more than 50 other countries through trade agreements. The table below lists the main bilateral and regional agreements signed and implemented by India, although there are several additional smaller agreements: 1. Overview: Trade and economic relations between India and the Republic of Korea (Korea) have intensified in recent years, with annual bilateral trade reaching $21.5 billion in 2018 and surpassing the $20 billion mark for the first time. Bilateral trade in January-November 2019, the latest data for December 2019, recorded $US 19.05 billion. The bilateral Comprehensive Economic Cooperation Agreement (CEPA), in force since 2010, has boosted trade and investment in both directions. In 2018, Korean investment in India surpassed the $1 billion mark for the first time, recording $1.053 billion. Korea`s total foreign direct investment to India through September 2019 is $6.29 billion. India`s investment in Korea amounts to about $3 billion, led by Tata Daewoo, Ssangyong and Novelis. Bilateral economic relations were visibly boosted by Prime Minister NarendraModi`s visit to the Republic of Korea from 18 to 19 May 2015.
India and Korea agreed to start negotiations to amend CEPA, strengthen cooperation in the energy, electronics and shipbuilding sectors, including the establishment of a joint working group on cooperation in the shipbuilding sector and another in the field of electronics manufacturing. ROK has offered India to provide India with $10 billion in financing (development aid and concession loans) for infrastructure projects. Recognizing the importance of the marine industry in bilateral relations, PM also visited Hyundai Heavy Industries` shipyard in Ulsan. The heads of state and government of the two countries spoke at the inaugural meeting of the Indo-Korean CEO Forum to promote bilateral economic cooperation, while the prime minister also met with the leadership of major Korean conglomerates. The „Korea Plus“ office was created as a single window in India to deal with all the issues raised by Korean companies as a result of the pm visit. President Moon Jae-in`s state visit to India from 10 to 12 July 2019 strengthened bilateral commitment to a shared vision of people, peace and prosperity. A target of $50 billion in bilateral trade, to be achieved by 2030, was set by Prime Minister Modi and President Moon during the visit. In order to further strengthen bilateral relations, Prime Minister NarendraModi visited ROK from 21 to 22 February 2019 and had a number of bilateral and trade commitments. Prime Minister Modi unveiled a bust of Mahatma Gandhi at the prestigious Yonsei University to commemorate Mahatma Gandhi`s 150th birthday during the visit and also received the Seoul Peace Prize awarded to him by the Seoul Peace Prize Foundation. 2. Status of the Korean economy and synergies with India: In less than forty years, Korea has made remarkable progress in transforming its economy into an export-oriented set of forces.
Its GDP exceeded US$1 trillion out of just US$2.3 billion in 1962 and is the 12th largest in the world after 2017 GDP. . .