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 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.
Modi described President Lee's visit as of great significance. "We also share a common outlook on the Indo-Pacific region. On the basis of these shared principles, our relationship has become more dynamic and wide-ranging over the past decade."
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.
At a media briefing, Secretary (East) at the external affairs ministry P Kumaran, delving into the framework for shipbuilding, 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.
Kumaran said there was a general discussion on the geopolitical contestations and conflicts including the Russia-Ukraine conflict and the situation in the Gulf region.
"It was agreed that we should cooperate to try to strengthen peace and security and strengthen multilateral institutions. It was seen that India, as the leader of the global south, would be a useful partner for Korea to interact with and to develop positions that broadly represent global opinion," he said.
President Lee also appreciated India's support for the denuclearisation of the Korean Peninsula.
"There was also a brief discussion about nonproliferation and cooperation in the area of making sure that sensitive technologies do not fall into the hands of non-state actors and other kinds of sanctioned entities," Kumaran said.