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India and South Korea agree to nearly
double trade to $50B by 2030
[April 20, 2026]
NEW DELHI (AP) — South Korean President Lee Jae Myung met Indian
Prime Minister Narendra Modi in New Delhi on Monday, with both leaders
pledging to nearly double bilateral trade to deepen economic and
strategic ties.
Modi said India and South Korea aim to increase trade between their
countries from about $27 billion to $50 billion by 2030 by strengthening
supply chains, improving market access and encouraging greater
investment.
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Indian Prime Minister Narendra Modi, second right, and South Korean
President Lee Jae Myung, left, water after planting sampling of Ashoka
tree in New Delhi, India, Monday, April 20, 2026. (AP Photo/Manish
Swarup) |
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“India and South Korea are going to transform their trusted ties
into a futuristic partnership,” he said.
Talks between Modi and Lee come as both countries are looking to
strengthen ties amid global economic uncertainty and supply
chain disruptions triggered by the Iran war.
Lee said the two sides agreed to significantly upgrade economic
cooperation, focusing on sectors such as shipbuilding, defense
and artificial intelligence. He added that both countries would
also expand industrial collaboration and step up trade and
investment in advanced manufacturing as well as sensitive areas
including critical minerals and nuclear energy.
As part of efforts to strengthen supply chains, Lee said that
South Korea plans to increase import of naphtha, a crude-oil
derivative, from India to cushion potential disruptions linked
to tensions in the Middle East. India accounted for about 8% of
South Korea’s naphtha imports last year.
Lee is scheduled to travel to Vietnam after concluding his visit
to India.
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