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39. VISIT OF COMMERCE AND INDUSTRY MINISTER, SHRI SURESH
PRABHU TO REPUBLIC OF KOREA FROM SEPTEMBER 21-23, 2017
The Minister for Commerce and Industry, Shri and discussed the rapid progress in bilateral ties
Suresh Prabhu arrived in the Republic of Korea since the inauguration of President Moon Jae-in's
on September 21, to participate in the 7th Asia-Eu- administration in May 2017. Ms. Choo highlighted
rope (ASEM) Economic Ministers meeting and the importance attached by President Moon
the 3rd Joint Ministerial Review of the India-Korea to the bilateral relationship with India and his
Comprehensive Economic Partnership Agreement commitment to elevate it to the next level. Calling
(CEPA).This is just the second visit of the Minister India a shining star in the global economy, Ms.
after he assumed his current Ministerial charge. Choo noted that the "elephant was out performing
the dragon". Later, Shri Prabhu met the Chairman
On September 22, at the 7th ASEM meeting, and CEO of Korea's most influential media house,
Shri Prabhu reiterated India's commitment the Chosun Ilbo, Mr. Bang Sang-hoon to discuss
to promoting free and fair world trade, while bilateral economic ties, and to consider hosting
emphasizing the challenges that lay ahead in the next India-Korea Business Summit at an early
ensuring free and fair trade as embodied in the date, focusing on sectors which would energize
WTO. He commended ASEM for addressing global the bilateral trade relationship.
issues of common interest in the spirit of mutual
respect and equal partnership. The Minister also Earlier, on September 21, the Minister for
underlined the emergence of India as one of the Commerce and Industry met the senior leadership
world's leading investment destination. of top Korean industries, including Samsung, Kia
motors, Lotte, Kumho-Asiana, Hyundai Electric,
On the sidelines of this meeting, the Commerce Posco, LS Group, Toray Chemicals, CJ Logistics
and Industry Minister had productive meetings andTongyang Moolsang. In a detailed exchange of
with the Minister of State for Economy and views with these businesses, and the Federation of
Finance of France, Mr. Benjamin Griveaux; the Korean Industries, issues and prospects for more
State Secretary of the Ministry of Trade, Industry business cooperation were discussed. Attendees
and Fisheries of Norway, Ms Dilek Ayhan; the State represented a cross section of Korean businesses
Secretary for Trade, Ministry of Foreign Affairs of already operating in or interested in expanding
Denmark, Ms Susanne Hyldelund, and the DG of their operations in India.
the Ministry of Industry & Economy of Spain, Mr.
Jose Louis Kaiser Moreiras. (Source: http://www.business-standard.com/article/
government-press-release/visit-of-commerce-and-industry-
Later in the day the Minister met, the Chairman of minister-shri-suresh-prabhu-to-republic-117092300477_1.html
Korea's ruling Democratic Party, Ms. ChooMi-ae dated 24th September-2017)
40. EXPORTS MAY MISS GLOBAL TRADE REVIVAL
Global trade growth is expected to rebound in merchandise trade volume for 2017 to 3.6 per cent
2017 but India may not be able to take advan- from 2.4 per cent it had projected earlier.
tage of this in the US and China — major markets The revision is because of positive economic trends
where consumer and industrial demand is set to in North America and China that are leading to a
drive trade forward. resurgence of industrial and consumer demand.
On Thursday, the World Trade Organisation However, exporters and trade experts said it
(WTO) raised the estimate for growth in world
August-September-2017 58
