Union Minister Piyush Goyal strengthens India's economic ties with Korea and Myanmar at East Asia Summit
Sep 21, 2024
New Delhi [India], September 21 : Union Minister of Commerce and Industry Piyush Goyal held key meetings with counterparts from South Korea and Myanmar during the 12th East Asia Summit Economic Ministers' Meeting in Vientiane, Laos on Saturday.
His discussions focused on enhancing trade relations, addressing non-tariff barriers, and fostering investment opportunities to drive job creation and economic growth.
Goyal posted on X, "Held productive talks with Inkyo Cheong, Minister of Trade, Industry and Energy, Republic of Korea. Deliberations were held on achieving more balanced trade, upgrading the India-Korea Comprehensive Economic Partnership Agreement (CEPA), promoting investments linked to job creation and addressing non-tariff barriers to further strengthen our economic ties."
https://x.com/PiyushGoyal/status/1837366196544622699
These discussions aimed at boosting bilateral trade and fostering deeper economic engagement between India and South Korea, focusing on addressing trade imbalances and removing barriers that hinder trade and investment flows.
A key priority discussed was the potential upgrade of the India-Korea Comprehensive Economic Partnership Agreement (CEPA), an essential framework that has governed economic relations between the two nations.
This upgrade is expected to benefit both countries, with South Korean investments in India playing a crucial role in boosting employment and industrial growth.
The conversation also touched upon addressing non-tariff barriers that often impede the free flow of goods and services, signalling a mutual commitment to creating a more seamless trading environment.
In a separate meeting with Myanmar's Minister of Investment and Foreign Economic Relations, Dr Kan Zaw, Goyal explored avenues for enhancing bilateral trade, particularly in sectors such as lentils, diesel, gasoline, and electric vehicles.
Discussions also covered the potential introduction of a Rupee-Kyat currency mechanism to simplify trade between India and Myanmar.
Goyal posted on X, "Held a meeting with Dr. Kan Zaw, Myanmar's Minister of Investment and Foreign Economic Relations, on the sidelines of the 12th East Asia Summit Economic Ministers' Meeting. Discussed potential cooperation in areas like lentils, diesel, gasoline, electric vehicles, etc and ways to promote bilateral trade, including through Rupee-Kyat currency mechanism, between our nations. Also, engaged in matters related to the ASEAN-India Trade in Goods Agreement (AITIGA) review and the upcoming Joint Trade Committee Meeting."
https://x.com/PiyushGoyal/status/1837370901613978014
The two leaders further discussed the ongoing review of the ASEAN-India Trade in Goods Agreement (AITIGA) and the forthcoming Joint Trade Committee Meeting.
Goyal also held multiple interactions with business delegations and foreign diplomats on the sidelines of the summit, reinforcing India's commitment to deepening economic ties with the East Asian region.
