At a summit held during Lee’s state visit to India, the two leaders agreed to restart talks on upgrading the Comprehensive Economic Partnership Agreement (CEPA) in May, seeking to modernize the framework in response to evolving supply chain and trade conditions.
“We agreed to speed up the negotiations to upgrade our CEPA to create more favorable trade and investment conditions and better respond to the changing trade environment,” Lee said during a joint press statement.
Modi also emphasized strengthening economic cooperation.
“We have set a target to take bilateral trade to $50 billion by 2030,” Modi said, adding that the two sides would work to upgrade the trade agreement and expand economic ties.
The leaders agreed to broaden cooperation across strategic sectors including shipbuilding, finance, artificial intelligence and defense, while also strengthening cultural and people-to-people exchanges.
“We have agreed to expand cooperation in strategic industries such as shipbuilding, finance, AI and defense, and promote cultural and people-to-people exchanges,” Lee said.
As part of efforts to institutionalize economic cooperation, the two countries agreed to establish an “Industrial Cooperation Committee,” their first ministerial-level platform dedicated to economic collaboration.
Lee said the body would help strengthen cooperation not only in trade and investment but also in strategic areas such as critical minerals, nuclear energy and clean energy.
The two sides also signed a memorandum of understanding on port cooperation, establishing a framework that covers port infrastructure development and personnel exchanges.
“In the field of shipbuilding, we aim to bring together the outstanding technology of Korean businesses and the policy support of India’s central and local governments so that Korean companies can seek new opportunities in the Indian market,” Lee said.
“In the field of finance, cooperation between financial authorities will serve as a foundation for Korean financial institutions to enter India,” he added.
The two countries also agreed to expand cultural cooperation, including the establishment of a “Korea Center” in Mumbai, which is expected to serve as a hub where K-pop and Bollywood intersect.
The leaders also exchanged views on regional and global issues, including the situation in the Middle East and on the Korean Peninsula.
“We agreed that restoring stability and peace in the Middle East is crucial to global security and the economy,” Lee said.
He also briefed Modi on Seoul’s efforts to build peace on the Korean Peninsula and expressed hope that India would continue to play a constructive role in the region.
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