New Delhi: India and South Korea have decided to expand their political and security cooperation besides improving the already thriving business ties to achieve the bilateral trade target of US$ 40 billion by 2015.
Dr Manmohan Singh, the Indian Prime Minister, noted that bilateral trade had risen 65 per cent over the past two years since the two countries implemented the Comprehensive Economic Partnership Agreement (CEPA).Since the implementation of CEPA from January 1, 2010, bilateral trade crossed US$ 20 billion mark in 2011.
“We have therefore set a new target of $40 billion by 2015. We also agreed to accelerate work in progress to upgrade the agreement and make it more ambitious,” added Dr Manmohan Singh after wide-ranging talks with Lee Myung-bak, President of South Korea.
Responding to Lee Myung-bak’s call, Dr Singh agreed to expand the political and security cooperation between the two countries.
“With this objective in mind, I informed President Lee of India’s decision to position a Defence Attache at our Embassy here in Seoul before the end of the year,” according to Dr Manmohan Singh.
“India has also offered to launch Korean satellites on Indian space launch vehicles,” as per Dr Manmohan Singh.
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