INDIA and South Korea on Monday pledged to nearly double their annual trade to USD 50 billion by 2030 and committed to upgrading their comprehensive economic partnership pact within the next year, as Prime Minister Narendra Modi noted that both nations radiate a message of peace and stability amid the current global tension. Following talks between Modi and South Korean President Lee Jae Myung, the two sides inked 15 agreements including one to set up an industrial cooperation framework and another on steel supply chain to ramp up overall trajectory of ties. In their meeting, the two leaders also agreed to boost cooperation in energy, defence, critical minerals, shipbuilding, and semiconductors besides unveiling a joint strategic vision for the India-South Korea special strategic partnership. The two sides also released a comprehensive framework for partnership in shipbuilding, shipping and maritime logistics, and came out with a joint statement on energy security. Separately, a joint declaration was signed on resuming the negotiations to upgrade the Comprehensive Economic Partnership Agreement that came into effect in 2010. It was also agreed to set up a Korean industrial township in India as part of efforts to boost economic ties. New Delhi and Seoul also launched an ‘Economic Security Dialogue’ as well as a foreign ministerial framework for deliberations on climate change, arctic, and maritime cooperation. Modi and Lee also deliberated on the West Asia crisis and its implications.

 

The two sides also vowed to strengthen joint efforts towards a peaceful, stable and inclusive Indo-Pacific, a move that came against the backdrop of increasing Chinese assertion in the region. “In this period of global tensions, India and Korea together convey a message of peace and stability...Through our shared efforts, we will continue to contribute to a peaceful, progressive, and inclusive Indo-Pacific,” Modi said. “Bilateral trade between India and Korea has today reached USD 27 billion. We have taken several important decisions today to take this to USD 50 billion by 2030,” he said. Lee, who landed in New Delhi on Sunday on a three-day visit, said the upgraded bilateral economic framework will serve as a “new engine for shared growth”. The Prime Minister said the South Korean leader’s visit to India has laid the foundation for the “next decade of success stories” between the two countries. “With President Lee’s visit, we are set to transform this trusted partnership into a futuristic partnership. From chips to ships, from talent to technology, and from environment to energy, we will realise new opportunities for cooperation across all sectors,” he said. The Prime Minister said democratic values, market economy, and respect for rule of law are in the “DNA of both our countries”. “To facilitate financial flows between the two countries, we have launched India-Korea Financial Forum. To strengthen business cooperation, we have established an Industrial Cooperation Committee,” he said.