India and South Korea set $50 billion trade target by 2030 at New Delhi summit

India and the Republic of Korea on 20 April 2026 elevated their Special Strategic Partnership during talks in New Delhi between Prime Minister Narendra Modi and South Korean President Lee Jae Myung, who was on a three-day state visit. It was the first incoming visit by a South Korean head of state in eight years, and the two leaders unveiled a five-year strategic vision for the period 2026 to 2030.

The headline economic announcement was a target to lift bilateral trade from about $27 billion at present to $50 billion by 2030. To enable that jump, both governments agreed to resume and expedite long-stalled negotiations to upgrade the India-Korea Comprehensive Economic Partnership Agreement, with a stated focus on tackling trade asymmetry and removing non-tariff barriers that have constrained Indian exports of steel, fisheries and chemicals.

On defence, the two countries agreed to launch a third phase of industrial cooperation, building on the K9 Vajra howitzer programme, and announced the Korea-India Defence Accelerator (KIND-X) to connect start-ups and researchers. A new India-Korea Digital Bridge initiative was launched to deepen joint work on artificial intelligence, semiconductors and digital infrastructure, and Prime Minister Modi announced the establishment of a Korean Industrial Township to help small and mid-sized Korean firms enter the Indian market.

In total, the two sides signed 25 outcome documents spanning trade, defence, technology, energy, shipbuilding, electric vehicles and global governance. The leaders also reaffirmed their commitment to a free, open and rules-based Indo-Pacific.

Exam angle: UPSC and other services frequently test the architecture of India's strategic partnerships. Aspirants should remember the $50 billion-by-2030 trade target, the CEPA upgrade, the K9 Vajra link, and the fact that South Korea is one of only a handful of countries with which India has a Special Strategic Partnership.