New Delhi: India and South Korea are looking to expand bilateral trade to $50 billion by 2030, with enhanced cooperation in all fields, an upgraded trade agreement that will be finalised by next year and a focus on critical technologies and supply chains. The two sides also discussed the current unrest in West Asia and its impact on regional security and growth.
Prime Minister Narendra Modi, who held high-level discussions with visiting South Korean President Lee Jae Myung here on Monday, said the two countries are looking to transform their “trusted partnership into a futuristic partnership” and are sending a message of peace and stability.
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“We will realise new opportunities for cooperation in every field, from chips to ships, talent to technology, environment to energy, and together we will ensure the progress and prosperity of both countries,” Modi said.
He added bilateral trade between India and Korea, pegged at $27 billion, will increase to $50 billion by 2030 following several decisions taken during the visit, including the launch of an India-Korea financial forum, an industrial cooperation committee and an economic security dialogue focused on critical technologies and supply chains.
The two sides decided to upgrade the India-Korea trade agreement by next year. In a significant move, India-Korea digital bridge was launched to deepen partnerships in AI, semiconductors and information technology. With a focus on facilitating the entry of Korean companies into India, especially SMEs, a Korean industrial township will also be established.
During the visit, the Republic of Korea formally joined the Indo-Pacific Oceans Initiative as well as the International Solar Alliance. India also signed on to join the Global Green Growth Institute.
As part of outcomes, a joint vision for India-ROK special strategic partnership was agreed upon and a comprehensive framework for partnership in shipbuilding, shipping and maritime logistics was signed. Several MoUs, including cooperation in the field of ports and for technology and trade for steel supply chains, were also signed.
“The two leaders agreed to have leader-level meetings annually, in either country or on the margins of international events, to realise the full potential of the India-ROK (Republic of Korea) special strategic partnership and to provide continuous guidance to the engagement, going forward,” a statement on the joint strategic vision said.
The two leaders agreed to intensify bilateral political exchanges and ministerial dialogues. They decided that the meetings of the joint commissions led by foreign ministers, finance ministers and science and technology ministers will be held this year.
“They also agreed that an India-ROK industrial cooperation committee will be launched and will hold its first meeting this year,” it said.
Also Read: India, South Korea to upgrade trade pact, deepen tech and supply chain ties
The two sides strongly condemned terrorism and violent extremism in all its forms and manifestations, including cross-border terrorism.
At a media briefing, secretary (East) at the external affairs ministry, P Kumaran, said the emphasis will be on upgrading the existing shipyards, including developing block fabrication facilities and setting up a new dry dock to construct large and specialised vessels. “We are also looking at jointly designing manufacturing and supporting next-generation conventional and autonomous maritime and port cranes,” he said.
President Lee Jae Myung also appreciated India’s support for the denuclearisation of the Korean Peninsula.
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