S. Korea, India discuss measures to bolster trade cooperation

South Korea and India held a joint forum on growth strategy Friday and discussed measures to expand bilateral cooperation in trade, Seoul’s industry ministry said.

In the Seoul forum, the two sides discussed advancing collaboration in trade and investment, as well as future industries, such as advanced manufacturing and renewable energies, as special strategic partners, according to the Ministry of Trade, Industry and Energy.

The two countries upgraded their bilateral relations to a special strategic partnership in 2015 to boost their comprehensive cooperation in trade, defense and technology.

The forum, co-hosted by the industry ministry and the Embassy of India in Seoul, took place just a day after the U.S. administration announced plans to impose country-by-country reciprocal tariffs, raising concerns over a global trade war.

South Korea is subject to 25 percent reciprocal duties and India 26 percent.

“The two countries have seen limited performance compared to their potential for cooperation, but South Korea will work to promote more tangible cooperation with India this year,” said Kim Jong-chul, director general for international trade relations at the ministry.

Indian Ambassador to South Korea Amit Kumar also called for a sustainable partnership between the two countries considering their economic structure, growth potential and strategic benefits, according to the ministry.