New Delhi, June 1 (FN Agency) Korean Ambassador Chang Jae-bok on Wednesday expressed “in principle” support to India’s wheat ban and expressed hope that the two Asian nations will achieve $50 billion trade volume before 2030. “In principle, I respect the decision of the government of India because this is very much related to the stability of the domestic market of India,” Chang said in reply to a question about the effect of India’s wheat ban on Korea.
However, India is a global power not only in terms of politics but also in economic and trade terms and so, the decision by India affects international market price, the envoy said, adding “we are closely watching the approximation of the market in terms of wheat, sugar or other items”. Speaking at the inauguration of the five-day Korean trade fair here, the ambassador said with a new government in Seoul and by the support of the Narendra Modi-led government here both countries can achieve the goal. According to Korea’s Ministry of Trade data, bilateral trade between the two countries reached $23.7 billion in 2021, surpassing $21.5 billion in 2018. This was the highest-ever trade volume between the two countries, representing a 40 per cent increase over the previous year’s (2020) total of $16.9 billion. Chang inaugurated the 4th edition of the Korean Fair in India (KFI) at the Select City Walk mall in Saket that has been organised by the Commercial Section of the Embassy of the Republic of Korea (KOTRA). A variety of about 150 Korean products from over 45 Korean companies will be showcased. Products includes beauty cosmetics, F&B, electronics, and utility to confectionary, pet products, and jewellery etc.