India, South Korea Aim to Double Trade to $54B by 2030

South Korean President Lee Jae Myung met Indian Prime Minister Narendra Modi on Monday in New Delhi and the two leaders upgraded the Comprehensive Economic Partnership Agreement (CEPA). They signed about 15 documents and launched an India-Korea Industrial Cooperation Committee to raise annual bilateral trade from about $25-$27 billion to $54 billion by 2030.

The CEPA upgrade and the new documents target cooperation in clean energy, artificial intelligence, critical minerals and supply chains, semiconductors, shipbuilding, manufacturing, defense and digital trade.

The India-Korea Industrial Cooperation Committee will focus on investment in industry, trade, strategic resources and clean energy. The committee will guide technology transfer, joint projects and streamlined procedures to expand commercial ties.

Reaching the $54 billion target by 2030 requires an average annual growth rate of roughly 18% from current levels. Leaders committed to continued negotiations to speed the CEPA upgrade and to address non-tariff barriers and regulatory frictions that can slow cross-border business.

Officials described the upgraded CEPA as a framework that establishes working groups and investment platforms intended to translate sectoral commitments into concrete projects and commercial activity.

Follow-up talks are expected to address specific tariffs, investment facilitation and regulatory harmonization. The Industrial Cooperation Committee will oversee project selection and monitor progress toward the trade target.

Bilateral trade between India and South Korea stood at about $25-$27 billion before the agreement. The CEPA was negotiated earlier and has been updated over time; the current upgrade widens its scope to include strategic technologies and resource security.