New Delhi, 20 April (H.S.):

India and South Korea have agreed to begin negotiations to upgrade their Comprehensive Economic Partnership Agreement (CEPA), in a move aimed at giving fresh direction to economic cooperation amid rising geopolitical tensions and global trade disruptions. The announcement came after bilateral talks between Prime Minister Narendra Modi and South Korean President Lee Jae-myung at Hyderabad House on Monday. During the meeting, several memoranda of understanding (MoUs) and other important agreements were also exchanged between the two sides.

At the joint press conference at Hyderabad House, Prime Minister Modi said, “From chips to ships, from talent to technology, from entertainment to energy, India and Korea will create new opportunities for cooperation.” Describing the visit as a “turning point” in bilateral relations, he said both countries were steering their partnership in a “future-oriented” direction.

The Prime Minister said bilateral trade between India and South Korea has currently reached about 27 billion dollars, and the two sides have set a target of increasing it to 50 billion dollars by 2030. To achieve this goal, both countries agreed on several key steps, including the establishment of an India-Korea Financial Forum.

To strengthen cooperation in the digital and technology sectors, the launch of the “India-Korea Digital Bridge” initiative was announced. Under this framework, joint efforts will be made in areas such as artificial intelligence, semiconductors and information technology.

Referring to the cultural ties between the two nations, Prime Minister Modi said India and Korea share historical links stretching back thousands of years. Citing the story of Ayodhya’s Princess Suriratna and Korean King Kim Suro, he described it as a symbol of shared cultural heritage. He added that Korean pop culture and serials are becoming increasingly popular in India, while interest in Indian cinema and culture is rising in Korea.

The two countries also announced the “India-Korea Friendship Festival” for 2028, which is expected to further deepen cultural exchange.

Speaking on global issues, Prime Minister Modi said ensuring peace and stability in the world has become essential in the present time. He noted that India and Korea share a common outlook on the Indo-Pacific region and will work together for regional peace, stability and inclusive development.

On the occasion, South Korean President Lee Jae-myung said both countries aim to raise bilateral trade to 50 billion dollars by 2030. He also said the two leaders discussed the situation in the Middle East and agreed that restoring peace and stability there is necessary for the global economy and security. President Lee said an agreement had been reached to link the electronic payment systems of the two countries, enabling citizens to make payments through local QR codes while travelling in each other’s countries.

Both leaders also emphasised the need to strengthen cooperation on international platforms and pursue reforms in global institutions. They said coordinated efforts are essential to address changing global challenges.

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Hindusthan Samachar / Jun Sarkar