India and South Korea Set Ambitious Trade Goals Amid Global Tensions
Strengthening Ties: A New Era for India and South Korea
New Delhi: On Monday, India and South Korea announced a commitment to nearly double their annual trade to USD 50 billion by 2030. This agreement was made during discussions between Prime Minister Narendra Modi and South Korean President Lee Jae Myung, who emphasized the importance of both nations promoting peace and stability in the face of global challenges.
The leaders signed 15 agreements, including frameworks for industrial cooperation and a steel supply chain, aimed at enhancing their bilateral relations.
They also agreed to enhance collaboration in sectors such as energy, critical minerals, shipbuilding, and semiconductors.
A joint strategic vision for their special partnership was unveiled, along with a comprehensive framework for cooperation in shipbuilding, shipping, and maritime logistics.
Additionally, a joint statement on energy security was released, and negotiations to upgrade the Comprehensive Economic Partnership Agreement, effective since 2010, were resumed.
An 'Economic Security Dialogue' was launched, alongside a foreign ministerial framework to address climate change, Arctic issues, and maritime cooperation.
Both nations pledged to work together for a peaceful, stable, and inclusive Indo-Pacific region, particularly in light of increasing Chinese influence.
Modi remarked, "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."
He noted that bilateral trade has reached USD 27 billion and expressed optimism about achieving the USD 50 billion target by 2030.
President Lee, who arrived in New Delhi for a three-day visit, described the upgraded economic framework as a "new engine for shared growth."
Modi highlighted that Lee's visit marks the beginning of a decade of successful collaboration between the two countries.
"From chips to ships, from talent to technology, and from environment to energy, we will realize new opportunities for cooperation across all sectors," he stated.
He emphasized that democratic values, a market economy, and respect for the rule of law are integral to both nations.
"To facilitate financial flows, we have launched the India-Korea Financial Forum and established an Industrial Cooperation Committee to enhance business collaboration," he added.
"We are also initiating an Economic Security Dialogue to boost cooperation in critical technologies and supply chains," Modi noted.
Plans for a Korean Industrial Township were announced to assist Korean SMEs in entering the Indian market.
Furthermore, the India-Korea Trade Agreement will be upgraded within the next year.
Modi also referenced the deep cultural ties between India and South Korea, dating back thousands of years.
"The story of Princess Suriratna of Ayodhya and King Kim Suro of Korea is part of our shared heritage," he remarked.
"Today, K-pop and K-dramas are gaining immense popularity in India, while Indian cinema and culture are increasingly recognized in Korea," Modi added.
"We are thrilled that President Lee is a fan of Indian cinema. To further enhance this cultural connection, we will host the India-Korea Friendship Festival in 2028," he concluded.