{"id":50527,"date":"2019-07-24T19:00:31","date_gmt":"2019-07-24T13:30:31","guid":{"rendered":"https:\/\/blogadmin.forumias.com\/?p=50527"},"modified":"2019-07-24T17:03:55","modified_gmt":"2019-07-24T11:33:55","slug":"7-pm-giving-ties-with-seoul-a-facelift-24th-july-2019","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/7-pm-giving-ties-with-seoul-a-facelift-24th-july-2019\/","title":{"rendered":"7 PM | Giving ties with Seoul a facelift | 24th July, 2019"},"content":{"rendered":"\n<p><strong>Context:<\/strong>\nIndia \u2013 South Korea relations.<\/p>\n\n\n\n<p><strong>More\nin News:<\/strong>\nPrime Minister Narendra Modi met South Korean\nPresident Moon Jae-in on the sidelines of the G20 summit in Osaka and discussed\nways to enhance trade, economic and people-to-people relations.<\/p>\n\n\n\n<p><strong>Political\nand security Relations:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>India played an important and positive role in Korean affairs after Korea&#8217;s independence in 1945. Mr K P S Menon of India was the Chairman of the 9-member UN Commission set up in 1947 to hold elections in Korea.<\/li><li>Both the countries signed the Civil Nuclear Energy Cooperation Agreement in 2011 during the then President Pratibha Patil\u2019s state visit to Korea.<\/li><li>During Prime Minister Narendra Modi\u2019s visit to South Korea in 2015, the bilateral relationship was upgraded to \u2018special strategic partnership\u2019.<\/li><li>In a joint statement, PM Modi and President Park Geun-hye agreed to establish a \u20182+2\u2019 consultation mechanism at Secretary\/Vice Minister of Foreign Office and Defence Ministry.<\/li><li>India\u2019s \u201cAct East Policy\u201d and Korea\u2019s \u201cNew Southern Policy\u201d both falls in line. Both have agreed to have greater emphasis on implementing policies of comprehensive cooperation. <\/li><\/ul>\n\n\n\n<p><strong>Korea\u2019s\nNew Southern Policy:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The \u201cNew Southern Policy\u201d was introduced against the backdrop of strain in South Korea-China relations over deployment of the U.S. Terminal High Altitude Area Defence (THAAD) anti-missile system in South Korea. THAAD has led to retaliatory measures from China.<\/li><li>In 2017, President Moon Jae-in announced the New Southern Policy. <\/li><li>Under this policy direction, Korea is looking beyond Northeast Asia to deepen bonds of cooperation with ASEAN and South Asia including India. <\/li><li>By forging a mutually beneficial partnership, the policy\u2019s ultimate goal is to contribute to an even better quality of life for the people of both South-east Asia and Korea and in so doing fostering a peaceful community of prosperity. The focus of this policy mainly lies in the following segments: <ul><li>Elevate the levels of diplomacy and closeness with the states in southern region, including Southeast Asia (ASEAN), South Asia (India), and Australasia (Australia and New Zealand) <\/li><li>Under the New Southern Policy, the agendas are tied to Northeast Asia Plus Community of Responsibility\u2019s (NAPCOR) goal of \u2018national security through peace\u2019.<\/li><li>Thus, the major pillars include economic cooperation, peace diplomacy, and mediating conflict through multilateralism<\/li><\/ul><\/li><\/ul>\n\n\n\n<p><strong>Economic\nRelations:<\/strong>\n<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>India and Korea are the third and fourth\nlargest economies in Asia and share a strong bond of friendship based on shared\ncommitment to the values of democracy, open society and liberal international\neconomic order.<\/li><li><strong>CEPA:\n<\/strong>Trade\nand economic relations have started to gather momentum again following the\nimplementation of Comprehensive Economic\nCooperation Agreement (CEPA) in 2010 and the bilateral trade in 2011\ncrossed USD 20.5 billion registering a 70% growth over a two-year period. CEPA is Korea\u2019s first free trade agreement with a\nmember of the BRICS nations.&nbsp;<\/li><li><strong>India\u2019s\nExport: <\/strong>Major\nitems of India\u2019s exports to Korea are mineral fuels\/oil distillates (mainly\nnaphtha), cereals, iron and steel. Basic materials comprise the bulk of India\u2019s\nexports to Korea with Naphtha accounting 23.9% in 2016. <\/li><li><strong>India\u2019s\nImport: <\/strong>Korea\u2019s\nmain export items are automobile parts, telecommunication equipment, hot rolled\niron products, petroleum refined products, base lubricating oils, nuclear\nreactors, mechanical appliances, electrical machinery &amp; parts and iron and\nsteel products.<\/li><li><strong>Investment: <\/strong>In 2018, Korea\u2019s\ninvestment to India crossed the $1 billion mark for the first time, recording\n$1.053 billion. Korea\u2019s total FDI to India up to December 2018 stands at $5.95\nbillion. Investment from India to Korea are to the tune of approx. $3 billion<\/li><li><strong>Global Trade:<\/strong> India\u2019s share\nin Korea\u2019s global trade was 1.89% in 2018, India\u2019s contribution in Korea\u2019s\nglobal imports increased from 0.78% in 2001 to 1.10% in 2018. India is Korea\u2019s\n20th biggest source for imports and 7th biggest export market as of 2018.<\/li><li>India and South Korea\nlaunched an initiative \u2018<strong>Korea Plus\u2019<\/strong>,\nas proposed by Prime Minister Modi in June 2016 in India to promote and\nfacilitate Korean Investments in India. To give it much wider outreach and\npublicity.<\/li><\/ul>\n\n\n\n<p><strong>Defence Relations:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Defense ties in particular have grown\nfrom strength to strength, with a major defense partnership deal worth nearly\n$1 billion signed previously for the joint production of Korean self-propelled\nartillery guns and India\u2019s purchase of these weapons.<\/li><li>Co-production of the K9 Thunder howitzer\nis a prime example of the ongoing defence collaboration.<\/li><li>With technology transfer from South\nKorea, India\u2019s Larsen and Toubro plans to achieve over 50% localisation by\nmanufacturing the key components of these weapon systems domestically as part\nof \u2018Make in India\u2019.&nbsp;<\/li><\/ul>\n\n\n\n<p><strong>Cultural Relations:<\/strong><\/p>\n\n\n\n<p>To\nfurther enhance cultural exchanges between India and Korea, an Indian Cultural\nCentre (ICC) was established in Seoul in April 2011. Another Culture Centre was\nestablished in Busan in December 2013 on Public Private Partnership mode.<\/p>\n\n\n\n<p><strong>Indian\nDiaspora: <\/strong><\/p>\n\n\n\n<p>The total number\nof Indian nationals living in ROK is estimated to be around 12,000, which\nincludes 300 PIOs. A large number of Indian scholars are pursuing post-graduate\nand Ph. D programmes, mostly in pure sciences in Korea. During the past few\nyears, many professionals mainly in the areas of IT, shipping and automobile\nhave immigrated to ROK. They are working mostly with Samsung, LG, Hyundai TATA\nDaewoo and TCS. There is also significant number of students and academicians\nin the universities.<\/p>\n\n\n\n<p><strong>Challenges:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>The target of doubling trade volume to\n$50 billion by 2030 is nowhere to be achieved primarily due to lack of efforts.\nThe CEPA is core mechanism of economic ties and to achieve the target it needs\nto be immediately upgraded.<\/li><li>The Indian Cultural Centre has failed to\nreach out to common South Korean. <\/li><li>The tourism between two is not being\nfocused in its full potential.<\/li><li>The widening trade\ndeficit in South Korea\u2019s favour has raised concerns over the trading relations\nbetween the countries.<\/li><li>Despite the&nbsp;Special Strategic\nPartnership&nbsp;between South Korea and India there remains scope for\nexpansion of bilateral relations in the strategic sphere. India-South Korea\nrelations has been mostly dominated by economic relations.<\/li><\/ul>\n\n\n\n<p><strong>Way\nForward:<\/strong><\/p>\n\n\n\n<p>India is keen to\nbuttress its partnerships with countries across the Indo-Pacific region &#8211; a\nconcept describing the evolving geopolitical and economic order surrounding the\nIndian Ocean\u2019s tropical waters, the western and central Pacific Ocean and the\nSoutheast Asian seas. Prime Minister Modi has stated that the purpose of\nengagement across the Indo-Pacific should be to promote cooperation, not\ndominance; connectivity, not isolation; respect for the global commons;\ninclusive, rather than exclusive, architectures; and adherence to international\nrules and norms. <\/p>\n\n\n\n<p>Therefore our\nfocus is on the development of an open, transparent and inclusive architecture\nlinking the Indian and Pacific oceans. We desire to work with all stakeholders\nwhose prosperity and security depend on the waterways traversing these two\nmajor oceans. South Korea has an important role and potential in this regard.<\/p>\n\n\n\n<p><strong>Source:<\/strong> <a href=\"https:\/\/www.thehindu.com\/opinion\/op-ed\/giving-ties-with-seoul-a-facelift\/article28689943.ece\">https:\/\/www.thehindu.com\/opinion\/op-ed\/giving-ties-with-seoul-a-facelift\/article28689943.ece<\/a><strong><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Context: India \u2013 South Korea relations. More in News: Prime Minister Narendra Modi met South Korean President Moon Jae-in on the sidelines of the G20 summit in Osaka and discussed ways to enhance trade, economic and people-to-people relations. Political and security Relations: India played an important and positive role in Korean affairs after Korea&#8217;s independence&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/7-pm-giving-ties-with-seoul-a-facelift-24th-july-2019\/\">Continue reading <span class=\"screen-reader-text\">7 PM | Giving ties with Seoul a facelift | 24th July, 2019<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":49370,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[130,9],"tags":[],"class_list":["post-50527","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-7-pm","category-public","entry"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2019\/07\/7-PM.png?fit=1000%2C500&ssl=1","views":{"total":0,"cached_at":"","cached_date":1704765276},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/50527","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=50527"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/50527\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media\/49370"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=50527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=50527"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=50527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}