South Korea, India agree to expand economic cooperation

New Delhi, July 10 :Prime Minister Narendra Modi and  South Korean president Moon Jae-in addressed joint press conference after holding bilateral  talks on Tuesday .

India and South Korea signed 11 MoUs and agreements after the bilateral talks between the two with an aim to strengthen their strategic cooperation.

The 2 countries have agreed to expedite work to upgrade the monument of Queen Suriratna (Hur Hwang-ok) in Ayodhya as a joint project.

Resolving to work towards promoting mutual prosperity, India and Korea agreed to expand bilateral trade, through the early conclusion of ongoing negotiations to upgrade the ROK-India Comprehensive Economic Partnership Agreement (CEPA).

India and Korea to work towards the goal of raising bilateral trade to US $50 billion by 2030.

India and Korea to intensify leadership-level contact, including through biennial visit by the leaders of the two countries

President Moon said. “India and Korea, for the last 45 years, have developed bilateral relations in various fields and in 2015, the occasion of Prime Minister Modi’s visit to South Korea escalated those relations to a special strategic partnership,” said President Moon.

“Now three years have passed, and Prime Minister Modi’s ‘Act East Policy’ is important for co-operation to Korea, and I am pressing ahead with the ‘New Southern Policy’ that makes India Korea’s key partner for cooperation,” he added.

He further stated that he agreed with Prime Minister Modi to promote co-operation for people, prosperity and peace and respond to the fourth Industrial Revolution so as to create engines of future growth.
“By facilitating exchange between people of the two countries, we decided to broaden the scope of mutual understanding and empathy. We’ll make mutual summit level visit on a regular basis. We agreed to expand high-level consultations between the two governments,” President Moon said.

In conclusion, President Moon said that he was looking forward to the Indian Prime Minister’s visit to South Korea in 2020, and hoped the two would continue their close communication in various multilateral summits.
President Moon arrived in New Delhi on Sunday on his first ever state visit to India.
On Monday, Prime Minister Modi and President Moon inaugurated the 35-acre Samsung mobile factory in Noida which is considered to be the world’s largest mobile factory.

Modi credited Moon for initiating the peace process in the Korean peninsula. “I believe that the positive environment that has been created is an effort of Moon,” he added. While saying that the proliferation links between north Asia and south Asia are a matter of concern for India, he said that New Delhi is also a stakeholder in the peace process and will do its bit to contribute to peace in the region.

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