New Delhi: India and South Korea on Monday pledged to nearly double their bilateral annual trade to USD 50 billion by 2030 and committed to upgrading their comprehensive economic partnership agreement within the next year, as Prime Minister Narendra Modi observed 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 here, 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, critical minerals, shipbuilding, and semiconductors.
The two sides unveiled a joint strategic vision for the India-South Korea special strategic partnership besides releasing a comprehensive framework for partnership in shipbuilding, shipping and maritime logistics.
They also 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.
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.
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 realize new opportunities for cooperation across all sectors,” he said.
The prime minister said democratic values, market economy, and respect for the rule of law are in the “DNA of both our countries”.
“To facilitate financial flows between the two countries, we have launched the India-Korea Financial Forum. To strengthen business cooperation, we have established an Industrial Cooperation Committee,” he said.
“To enhance collaboration in critical technologies and supply chains, we are initiating an Economic Security Dialogue,” he noted.
The prime minister said a Korean Industrial Township will be established to facilitate the entry of Korean companies, especially SMEs, into India.
“Furthermore, within the next year, we will upgrade the India-Korea Trade Agreement,” he said.
The prime minister also made a mention of India-South Korea cultural ties “that go back thousands of years”.
“The story of Princess Suriratna of Ayodhya and King Kim Suro of Korea, dating back two millennia, is a part of our shared heritage,” he said.
“Today, K-pop and K-dramas are becoming highly popular in India. Similarly, the recognition of Indian cinema and culture is growing in Korea as well,” Modi said.
“We are delighted that President Lee himself is an admirer of Indian cinema. To further strengthen this cultural connect, we will organize the India-Korea Friendship Festival in 2028,” he said.
