‘India a stakeholder in Korean peace’

‘India a stakeholder in Korean peace’

News

1. India and Republic of south Korea signed 11 MoUs and agreement between them during the visit of South Korean President Moon Jae-in

Important facts

2. India praises the peace process of the Korean peninsula. It considers itself stakeholder and beneficiary of the Korean peninsula peace process.
3. India and South Korea signed a joint statement agreeing to discuss an ‘early harvest’ package for the Comprehensive Economic Partnership Agreement (CEPA) aimed at identifying key areas for enhanced trade between the two countries
4. Some additional agreement is on

• Trade remedies,
• Railway safety research,
• Cyber strategy, and
• Cultural exchanges

5. The two countries also agreed to try to increase their bilateral trade to $50 billion by 2030, up from current levels of $20 billion.
6. India and South Korea also signed a joint vision statement on for mutual benefit which includes

• Strategic ties in the region.
• Enhance military exchanges
• Training and experience-sharing, and
• Research and development including innovative technologies

7. The vision statement also talks about encouraging Korean defence manufacturers to “Make in India”.

• Hanhwa Techwin, has partnered with Larsen and Toubro to produce K-9 Vajra artillery guns for the Indian Army at a factory near Pune.

8. The bilateral vision document also committed to building a peaceful, stable, secure, free, open, inclusive and rules-based region based on 3Ps: People, Prosperity and Peace.
9. Delhi and Seoul also agreed to collaborate on development projects in third countries, beginning with Afghanistan.

• Both the country likely to undertake capacity building programmes (training of personnel) in Afghanistan

10. Both sides announced central roles for each other in India’s “Act East” policy and South Korea’s recently announced “New Southern” policy.
11. India hopes to improve bilateral relation between India and south korea at the level of South Korea relation with U.S., China, Russia and Japan.