India's foreign affairs minister visits Seoul for economic cooperation

By Kim Joo-heon Posted : March 8, 2024, 11:15 Updated : March 8, 2024, 11:37
Courtesy of the Ministry of Foreign Affairs
[Courtesy of the Ministry of Foreign Affairs, Republic of Korea]

SEOUL -- Through a joint committee in Seoul, India's foreign affairs minister reached a consensus with his South Korean counterpart to upgrade economic cooperation in defense, supply chains, technology, and infrastructure. This was the first dialogue in six years since the joint committee meeting held in New Delhi in December 2018.

South Korea's foreign affairs ministry said India's external affairs minister Subrahmanyam Jaishankar attended the joint committee meeting on March 6 with South Korean foreign affairs minister Cho Tae-yul. The two sides agreed to further develop defense cooperation, with a particular focus on India's additional import of South Korea's K-9 self-propelled howitzer. K-9, one of South Korea's best-selling weapons, has been exported to many nations, including India, Australia, Poland, and Türkiye.

The two ministers also agreed to enhance cooperation in crucial technology areas, including space. They have also committed to expediting negotiations to enhance the comprehensive economic partnership agreement (CEPA) that took effect in 2010. 

"The visit of India's external affairs minister to the Republic of Korea, soon after our countries celebrated the 50th anniversary of the establishment of our diplomatic relations, provided an opportunity to create new pathways to further strengthen the special strategic partnership between the two countries," the Indian Embassy said in a statement.

Government data showed that the trade volume between the two nations reached $27.7 billion in 2022, up 62 percent from 2010. South Korea's exports to India reached $18.8 billion in 2022, marking a 65.7 percent increase from 2010. South Korea mainly exports semiconductors and steel plates to India, while importing petroleum products and aluminum.
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