India-ROK Joint Statement: Highlights

India-ROK Joint Statement: Highlights

Question : PM Modi recently visited Republic of Korea. Discuss how the India-ROK Joint Statement will boost bilateral ties between the two nations.

• The Indian PM has said South Korea is the leading partner in efforts by India to develop a world class manufacturing sector

• India and South Korea have also agreed to update their ties to Special Strategic Partnership

• Cooperation in defence sector was also stressed

• India acknowledged the role of South Korea as a crucial partner in economic modernisation

• South Korea is the second nation with which India will have diplomatic and security dialogue in 2+2 format

• Bilateral dialogue process was also initiated involving foreign and defence ministers of the two nations

• Two sides have also agreed to expand cooperation between armed forces, with respect to defence technology and manufacture of defence equipment in India

• Participation of Korean companies in defence sector was also emphasised

• Bilateral defence and security cooperation was emphasised

• Annual Summit meetings were to be held at margins of plurilateral events

• Joint Commissions to be held along with greater parliamentary exchange

• Hold 1.5 track dialogue yearly between Institute of Foreign Affairs and National Security of ROK and Indian Council of World Affairs

• Boosting trade and investment to further bilateral partnership and collaboration

• Negotiations to amend India Korea CEPA by June 2016

• Cooperation in the fields of steel and infrastructure

• Establishment of Indian Korea Joint Working Group in the field of electronics hardware

• Collaboration in the field of R&D and space exploration; agreement between ISRO and Korea Aerospace Research Institute

• Collaboration in GAGAN KASS interoperability and technical cooperation in the field of space science

• Culture and education as well as P2P exchanges; regional and multilateral cooperation were stressed

Facts and Stats

• India’s share in Korean global trade is low; it was 0.83% in 2002 and rose to 1.63% in 2013

• India’s contribution to ROK’s global imports rose from 0.78% in 2001 to 1.2% in 2013

• In 2013, India was Korea’s 18th largest importer and its 9th biggest export market

• Korean trade surplus rose from USD 1.98 billion in 2007 to USD 5.2 billion in 2013