S. Korea wants to elevate ties with India

S. Korea wants to elevate ties with India

News:

1. South Korea recently announced a ‘New Southern Policy’ to develop its relations with South-East Asia and ASEAN.

Important Facts:

2. Reasons  for the ‘New Southeastern Policy’.

• To manage the challenge of North Korea.
• Lesser focus earlier on Southeast Asia compared to Northeast Asian States like China and Japan.
• Advancement of Seoul by its middle power diplomatic efforts.
• Building an inclusive regional architecture in Asia

4. South Korea, as part of this strategy, wants to build stronger ties with ASEAN and India on multiple fronts like economic, bilateral and strategic.

3.Engagement with India

• There is convergence of approach between India and South Korea towards regional issues.
• Both sides are concerned about  maritime security in the region.
• The increasing influence of China in South China Sea and India Ocean region is also being watched.
• South Korea sees India as the main partner in expanding their economy. Both sides have agreed to boost bilateral trade to $50 billion by 2030 from $20 billion now.
• South Korea wants  to elevate diplomatic  ties with India to the level of four other major powers around the Korean Peninsula namely the U.S., China, Russia and Japan.

4. South Korea’s approach towards Belt and Road Initiative (BRI)

• South Korea favours BRI but accuses China’s unilateral approach and pursues for more open and transparent policy.

5. South Korea also warned to countries borrowing from China for big ticket infrastructure projects of possible debt trap later.