South Korea’s Hyundai and Kia cost India billions of dollars in trade deficit: Piyush Goyal

File photo: Piyush Goyal

February 27, 2023

Union Commerce and Industry Minister Piyush Goyal said that Korean auto giants Hyundai and Kia had cost India billions of dollars in trade deficit by misusing the free-trade agreement between the two countries. “The Korean auto industry, specifically Hyundai and Kia, are clearly two of the laggards. They have enjoyed the benefits of our free-trade agreement with Korea and Japan and continue to import indiscriminately. So, they have cost us dearly,” Goyal said while speaking at the valedictory function of the three-day Asia Economic Dialogue.

 

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