India, South Korea aim to address non-tariff barriers to balance trade
This story was originally published at 17:04 IST on 20 April 2026
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--Trade minister: India, Korea to fast-track FTA review
--Trade minister: India, Korea to address non-tariff barriers
--Trade minister: India-Korea FTA review to help balance bilateral trade
--Trade minister: Aim to double bilateral trade with Korea by 2030
NEW DELHI – India and South Korea aim to fast-track the review of the existing free trade agreement to address non-tariff barriers and balance trade, Commerce and Industry Minister Piyush Goyal said on Monday. Both sides have also set an aim to double bilateral trade by 2030.
The two nations had signed a free trade agreement in 2010. But after the deal was signed, South Korea's exports to India grew much faster than India's exports to Korea.
India and South Korea recorded bilateral trade of $27.18 billion in 2025, which included imports worth $21.16 billion. India had a trade deficit of $15.14 billion with South Korea last year. Going ahead, both sides aim to improve cooperation in sectors like shipbuilding, technology, and critical minerals. End
US$1 = INR 93.13
Reported by Krity Ambey
Edited by Avishek Dutta
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