Seeking greater economic cooperation with South Korea, Commerce and Industry Minister Suresh Prabhu today said a joint panel has been set up to identify areas of high-end technological components to boost trade and investments between the two countries.
The minister was in Korea for Asia-Europe (ASEM) Economic Ministers meeting. He also participated in the third Joint Ministerial Review of the India-Korea Comprehensive Economic Partnership Agreement (CEPA).
In a series of tweets, Prabhu said huge untapped potential exists in both the countries to strengthen strategic partnership.
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"Let us set ourselves quantitative targets for bilateral trade to drive the negotiations more purposefully. I invite full business delegation from S Korea to India," he said.
The bilateral trade in 2016-17 increased to $16.82 billion from $16.57 billion in the previous fiscal.
Both the countries are negotiating to review the existing free trade agreement, officially dubbed CEPA, to enhance trade and investments.
"Unless businesses across both countries partner, full benefit of any bilateral agreement is not materialised. Let us build partnership on 'leapfrog' technologies," he added.
Prabhu said a "joint strategy group with a mission to identify areas of high end technological components has been set up".
He added that India would be a $5 trillion economy in next 7-10 years and it would happen on strength of the country's relationships with countries like South Korea.
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