Seoul, Dec 10 (IANS) Trade Minister Yeo Han-koo met with newly-appointed Indian Ambassador to South Korea, Gourangalal Das, on Wednesday to discuss ways of enhancing bilateral economic and trade cooperation, officials said.

During the meeting, the two sides agreed on the need to strengthen the foundation for expanding economic and trade ties by improving the bilateral Comprehensive Economic Partnership Agreement (CEPA), and pledged to maintain close communication to resume negotiations to upgrade the CEPA at an early date, according to the Ministry of Trade, Industry and Resources, reports Yonhap news agency.

Yeo asked for India’s support for South Korean companies operating in the country, noting that they continue to face non-tariff barriers and other challenges. More than 670 Korean firms, including Hyundai Motor Co. and LG Electronics Inc., currently operate in the South Asian nation.

“India is a key country in the region and one of South Korea’s most important economic partners. I hope the two countries will deepen their cooperation by creating new economic achievements in shipbuilding, critical minerals and other high-potential sectors,” Yeo said.

In response, Das said he would work actively to further advance bilateral economic and trade cooperation during his tenure, according to the ministry.

Last month, President Lee Jae Myung held back-to-back talks with Prime Minister Narendra Modi and Brazilian President Luiz Inacio Lula da Silva on the sidelines of the Group of 20 (G20) summit in Johannesburg, South Africa, to discuss bilateral cooperation, the presidential office said Sunday.

During his meeting with PM Modi, Lee expressed hope to forge deeper cooperation in the economy, culture and security, as well as people-to-people exchanges, the office said.

PM Modi praised South Korea’s advanced shipbuilding capabilities and a small-group cooperative framework with South Korea in future-oriented sectors, such as shipbuilding, while also expressing hope to strengthen bilateral cooperation in the defence industry, according to the office.

“The two leaders agreed on the need to boost bilateral cooperation in various areas, such as artificial intelligence and the defence industry, and push for working-level consultations,” the office said in a release.

During the talks, PM Modi invited Lee to India, and Lee expressed hope to visit India to further promote bilateral ties, it said.

—IANS

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