South Korea's President Moon Jae-in is on a four-day visit to India.
"Resolving to work towards promoting mutual prosperity, we agreed to expand bilateral trade, including through the early conclusion of ongoing negotiations to upgrade the ROK-India Comprehensive Economic Partnership Agreement (CEPA)," the statement said.
The two leaders welcomed the finalisation of the elements of an 'Early Harvest Package' that will lead towards an upgraded CEPA.
"We urged the business community from both our countries to leverage opportunities arising from complementarities between the two economies, to enhance investment, to promote joint ventures, and to work towards the goal of raising bilateral trade to USD 50 billion by 2030," the statement added.
Recognising the importance of supporting India's infrastructure development through Korea's Economic Development Cooperation Fund (EDCF) and Export Credit, Moon and Modi agreed to continue discussing potential EDCF projects.
The CEPA, a kind of free trade agreement under which both the countries have eliminated duties on several goods and relaxed norms to promote investments and trade in services, between the countries was implemented in January 2010 and is currently under revision.
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