CURRENT AFFAIRS

Detailed explanation-1: -Bilateral Trade: India’s share in Korea’s global trade was 1.88% in 2021 and India’s contribution in Korea’s global imports increased from 0.78% in 2001 to 1.02% in 2021. India is Korea’s 16th biggest source for imports and 7th biggest export market as of 2021.

Detailed explanation-2: -According to data from Korea’s Ministry of Trade, Industry, and Energy (MOTIE), bilateral trade in the first half of 2022 reached USD 14.25 billion. It was the largest trade volume between the two countries on half-yearly basis, representing a 30% increase over the previous year’s total of USD 10.97 billion.

Detailed explanation-3: -India Exports to South Korea was US$7.1 Billion during 2021, according to the United Nations COMTRADE database on international trade. India Exports to South Korea - data, historical chart and statistics - was last updated on January of 2023.

Detailed explanation-4: -Comparison In 2020, South Korea ranked 5 in the Economic Complexity Index (ECI 1.88), and 5 in total exports ($531B). That same year, India ranked 40 in the Economic Complexity Index (ECI 0.56), and 18 in total exports ($284B).

Detailed explanation-5: -The Comprehensive Economic Partnership Agreement (CEPA) is a free trade agreement between India and South Korea.