New Delhi [India], April 20 (ANI): Union Commerce and Industry Minister Piyush Goyal on Monday said that India-South Korea trade currently stands at USD 27 billion and the two countries were looking at a trade growth rate of 18 per cent to double the bilateral trade by 2030.

Speaking at the India-Korea Business Forum here, he said the two countries have agreed to upgrade the comprehensive economic partnership, addressing several non-tariff barriers and making it easier to do business between the two countries.

'Our bilateral trade is, of course, about USD 27 billion. We have been tasked by our two leaders, the President and the Prime Minister, that we should double this by 2030. That's four years. So we're looking at about 18 per cent growth if we have to double it in the next four years,' Goyal said.

Highlighting the roadmap ahead, the minister said both countries have agreed to work in a fast-track, mission mode to upgrade the Comprehensive Economic Partnership Agreement (CEPA). The focus will be on addressing non-tariff barriers, easing rules of origin, expanding market access and making it easier to do business between the two countries, with an aim to move towards a more balanced economic partnership.

He further noted that the signing of a Memorandum of Understanding (MoU) on the India-Korea Industrial Cooperation Committee is a landmark step in this direction. The committee will have four working groups covering trade, industry, strategic resources and clean energy.

Goyal also said that Prime Minister Narendra Modi and President Lee Jae-Myung have discussed setting up a large industrial township, a Korea-specific enclave in India, with plug-and-play infrastructure. This is aimed at encouraging greater investments and inviting more Korean companies to tap into India's large domestic demand.

He highlighted that India offers significant global market access, with preferential access to nearly two-thirds of global trade or global GDP through nine free trade agreements finalised in the last three-and-a-half years, covering 38 developed economies.

Describing India as an 'oasis of stability,' Goyal said the country has embarked on bold reforms, massive infrastructure investments and a renewed policy momentum.

He added that efforts to improve ease of doing business, simplify compliance and reduce regulatory burdens have helped India emerge as the fastest-growing large economy.

The minister noted that India is a USD 4 trillion economy and is on track to grow to a USD 30 trillion economy by 2047, which will mark 100 years of its Independence. He said this growth trajectory offers a 'once-in-a-lifetime opportunity' for businesses, supported by a large young population, a rising middle class and increasing incomes.

Emphasising the future potential, Goyal said the current level of engagement does not reflect the full strength of the India-South Korea partnership and both sides must work towards unlocking the next phase of cooperation. He added that the ongoing engagement marks the beginning of a new chapter in bilateral ties.

South Korean President Lee Jae Myung arrived in India on Sunday on a four-day visit. He held discussions with Prime Minister Narendra Modi earlier in the day. (ANI)