India and South Korea have agreed to deepen economic cooperation with a goal of increasing bilateral trade to $50 billion by 2030.
The two countries will resume negotiations to upgrade their existing Comprehensive Economic Partnership Agreement (CEPA), first signed in 2010.
According to a joint statement issued on April 21, the revised framework will focus on strategic sectors including:
- Steel
- Semiconductors
- Shipbuilding
- Energy
- Supply chains
- Critical minerals
Steel Emerges as Key Priority
The renewed trade push comes shortly after JSW Steel and POSCO agreed to establish a 50:50 joint venture to build a 6 million metric ton per year integrated steel plant in Odisha, India.
New Economic Committee Formed
Both governments also announced the creation of a ministerial-level economic cooperation committee to accelerate industrial collaboration and reduce supply chain risks.
The move signals stronger strategic alignment between two of Asia’s leading industrial economies.
VietnamSteel by Hoa Sen Group
