South Korean President visited India marking a milestone Special Strategic Partnership | Current Affairs | Vision IAS

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In Summary

  • South Korea joined India's Indo-Pacific Oceans Initiative and International Solar Alliance, while India joined GGGI.
  • Bilateral trade to be doubled to $54 billion by 2030, with a new Economic Security Dialogue launched.
  • Agreements include a Joint Strategic Vision (2026-2030), a Year of India-ROK Friendship, and cooperation in shipbuilding and technology.

In Summary

It resulted in Joint Strategic Vision (2026-2030) along with other agreements.

Key outcomes of the visit

  • Strengthening Foundation: Annual leader-level meeting institutionalised for continuous guidance to the partnership.
  • Indo-Pacific Alignment: S. Korea joined Indo-Pacific Oceans Initiative, a non-treaty-based voluntary arrangement launched by India.
  • Economic cooperation: Bilateral Trade to be doubled to $54 billion by 2030.
    • Economic Security Dialogue: Launched for supply chain resilience and technological cooperation.
  • Climate cooperation: S. Korea joined International Solar Alliance, while India joined the Global Green Growth Institute (GGGI).
    • Headquartered at Seoul, S. Korea, GGGI is a Treaty-based international, inter-governmental organization established at RIO+20 Conference in 2012.
  • People-to-People Ties: 2028-29 designated as Year of India-ROK Friendship.
    • Mumbai Korea Centre to be launched to foster K-pop–Bollywood cultural collaboration.
  • Maritime and shipbuilding: Comprehensive Partnership in Shipbuilding, Shipping and Maritime Logistics with shared Vision for Operation of Yard Assisted Growth with Efficiency and Scale (VOYAGES).
  • Technological cooperation: India-Korea Digital Bridge launched for cooperation in AI, semiconductors, and IT sectors.

About India- S. Korea Relations

  • India-ROK Special Strategic Partnership was established in 2015
  • Bilateral Trade: $27 billion with India facing trade deficit of $15.19 billion 
  • Comprehensive Economic Partnership Agreement 2010: India seeks its upgrade to address trade deficit and ensure a more balanced partnership.
  • Defence: 2020 Roadmap to Defence Industry Cooperation, K9-Vajra howitzers being built in India via technology transfer by South Korean firm, KIND-X (Korea-India Defence Accelerator), to connect startups and investors.
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KIND-X (Korea-India Defence Accelerator)

An initiative designed to foster collaboration between startups and investors in the defence sector of India and South Korea, facilitating innovation and technology transfer.

Comprehensive Economic Partnership Agreement (CEPA) 2010

A free trade agreement between India and South Korea aimed at liberalizing trade and investment, which India is seeking to upgrade for a more balanced partnership.

India-ROK Special Strategic Partnership

A framework for enhanced bilateral cooperation and strategic alignment between India and South Korea, elevated to this status in 2015.

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