India, Korea to explore joint initiatives in electronics and EV components

India and Korea have agreed to explore joint initiatives in electronics and electric vehicle (EV) components, and digital supply chains, the commerce ministry said on Friday.

It was discussed between the Minister of State for Commerce and Industry Jitin Prasada and his Korean counterpart Yeo Han-Koo.

"In discussions...the focus areas included collaboration in manufacturing, digital technologies and clean technologies. The two sides agreed to explore joint initiatives in electronics, EV components, and trusted digital supply chains," it said.

He also held bilateral meetings with ministers from Japan, South Africa, the Netherlands and discussed ways to boost trade and investments.

The meeting was held on the sidelines of the G20 Trade and Investment Ministers' Meeting (TIMM) in Gqeberha, South Africa.

In the discussions on the WTO (World Trade Organisation), Prasada called for the restoration of a fully functional, two-tier dispute settlement system with an operational appellate body.

He also emphasised on the mandate for a permanent solution on public stockholding for food security, noting the importance of affordable access to food.

"India also highlighted policy space for development and adequate transition periods for developing members," it said.

The G20 is the forum for international economic cooperation.

It comprises 19 countries, the European Union and the African Union. G20 members account for around 85 per cent of global GDP, over 75 per cent of world trade, and roughly two-thirds of the world's population.

The African Union became a member of the G-20 during India's Presidency of the group in 2023.

The forum was established in 1999 after the Asian financial crisis and was elevated to Leaders' level in 2009 to strengthen coordination on growth, stability and global challenges.