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Prabhu reiterates India’s commitment to promote free, fair world trade

Author: IANS/Monday, September 25, 2017/Categories: Economy

Prabhu reiterates India’s commitment to promote free, fair world trade

Seoul - Commerce Minister Suresh Prabhu has reiterated India's commitment to promoting free and fair world trade, while emphasising the challenges that lay ahead in ensuring it as embodied in the World Trade Organisation (WTO).

Prabhu is on a visit to South Korea from September 21-23 to participate in the seventh Asia-Europe Economic Ministers (ASEM) meeting and the third joint ministerial review of the India-Korea Comprehensive Economic Partnership Agreement (CEPA).

"He commended ASEM for addressing global issues of common interest in the spirit of mutual respect and equal partnership and also underlined the emergence of India as one of the world's leading investment destination," a statement from the Commerce Ministry said.

On the sidelines of this meeting, the Commerce and Industry Minister had productive meetings with the Minister of State for Economy and Finance of France, Benjamin Griveaux; State Secretary of the Ministry of Trade, Industry and Fisheries of Norway, Dilek Ayhan; State Secretary for Trade, Ministry of Foreign Affairs of Denmark, Susanne Hyldelund, and the DG of the Ministry of Industry and Economy of Spain, Jose Louis Kaiser Moreiras.

Prabhu also met the Chairman of Korea's ruling Democratic Party, Choo Mi-ae and discussed the rapid progress in bilateral ties.

Choo highlighted the importance attached by South Korea President Moon Jae-in to the bilateral relationship with India and his commitment to elevate it to the next level. 

Calling India a shining star in the global economy, Choo said the "elephant was outperforming the dragon". 

The minister met the Chairman and CEO of Korea's most influential media house, the Chosun Ilbo, Bang Sang-hoon to discuss bilateral economic ties and to consider hosting the next India-Korea Business Summit at an early date, focusing on sectors which would energise the bilateral trade relationship.

Earlier, on September 21, he met the senior leadership of top Korean industries, including Samsung, Kia motors, Lotte, Kumho-Asiana, Hyundai Electric, Posco, LS Group, Toray Chemicals, CJ Logistics and Tongyang Moolsang.

In a detailed exchange of views with these businesses and the Federation of Korean Industries, issues and prospects for more business cooperation were discussed, the statement added. 

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