New Delhi: India and South Korea have agreed to impart fresh momentum to negotiations to upgrade Comprehensive Economic Partnership Agreement.

The two countries aim to achieve the trade target of USD 50 Billion before 2030.

South Korean Trade Minister Yeo Han-Koo met Commerce and Industry Minister Piyush Goyal on Tuesday and held wide-ranging discussions covering the whole gamut of bilateral trade and investment.

The ministers agreed to impart fresh momentum to the discussions on CEPA up-gradation negotiations and also promote extensive B2B interactions on trade and investment between the Industry leaders of the two countries, according to Joint Press Communique on India - Korea Trade Talks.

"The two ministers agreed with the spirit of openness to address difficulties expressed by industry from both sides and instructed their respective negotiating teams to meet on a regular basis in order to conclude Comprehensive Economic Partnership Agreement (CEPA) upgradation negotiations as soon as possible in a time-bound manner building upon support from relevant stakeholders, so as to try to achieve the target of USD 50 Billion before 2030 which was agreed at the summit meeting in 2018," the communique said.

"This regular negotiations shall be a forum to discuss the difficulties of business community from both countries and emerging trade-related issues including supply chain resilience," it added.

The ministers agreed to boost bilateral trade between India and South Korea to achieve growth in a fair and balanced manner to the mutual advantage of both sides.