Korea and India discussed measures to expand bilateral trade cooperation at a joint growth strategy forum on Friday. Seoul’s Ministry of Industry said the forum discussed enhancing trade and investment cooperation in future industries such as advanced manufacturing and renewable energies.
According to the Ministry of Commerce, Industry and Energy, the two countries aim to further strengthen their relationship, which was upgraded to a special strategic partnership in 2015, in the areas of trade, defense and technology. The forum, jointly organized by the Ministry of Industry and the Indian Embassy in Seoul, comes amid growing concerns of a global trade war after the US administration announced plans for country-specific reciprocal tariffs. Korea will be subject to tariffs of 25% and India 26%. “The two countries have had limited performance compared to the potential for cooperation, but Korea will work to develop more concrete cooperation with India this year,” said Kim Jong-chul, the ministry’s Director General for International Trade Relations. Indian Ambassador to Korea Amit Kumar also called for a sustainable partnership, taking into account the economic structure, growth potential and strategic benefits of the two countries.
