Part of: Mains GS-2: India and its neighbourhood- relations.
Context: India-Republic of Korea (RoK) relations has made great strides in recent years and has become truly multidimensional, spurred by a significant convergence of interests, mutual goodwill and high level exchanges.
India Korea aim to achieve the trade target of USD 50 Billion before 2030.
Both the countries have agreed to
Impart fresh momentum to the discussions on CEPA up-gradation negotiations and address difficulties expressed by industry from both sides
Promote extensive B2B interactions on trade and investment between the Industry leaders of the two countries.
Highlighted the difficulties the bovine meat exports are facing in South Korea.
A brief history of India-South Korea Relation
During the Korean War (1950- 53), India has played a major role in cease-fire agreement signed between both the warring sides and the ceasefire was declared on 27 July 1953.
The relationship did not move much till 1990s due to South Korea’s closeness to US and India either following non-aligned or under Russian influence
The economic relation between India and South Korea grew after economic reforms in India which led to signing of Comprehensive Economic Partnership Agreement (CEPA) in 2010
Relations between India and South Korea was raised to the level of Strategic Partnership in January 2010 and upgraded to Special strategic partnership in 2015
India has a major role to play in South Korea’s Southern Policy under which Korea is looking at expanding relations beyond its immediate region.
Similarly, South Korea is a major player in India’s Act East Policy under which aims to promote economic cooperation, cultural ties and develop strategic relationships with countries in the Asia-Pacific.
Covers negotiation on the trade in services and investment, and other areas of economic partnership such as trade facilitation and customs cooperation, competition, and Intellectual Property Rights.
CEPA also looks into the regulatory aspect of trade and encompasses an agreement covering the regulatory issues.
