India and South Korea Relations

Today, India-South Korea Relations are witnessing substantial growth as both have similar ambition, values, and dimensions. Also, the two countries are in the process of strengthening their defense, political, economic, and cultural sectors. The cultural and economic bonds are on a high. Also, South Korea is a practical element of India’s ‘Act-East Policy’.

Pillars of Cooperation

The main pillars of India-South Korea relations are listed below:

Cultural relations

• The India-South Korea Relations dates back to 48 AD
• Several Korean serials are highly popular in Tamil Nadu, Mizoram, and Manipur
• In 1929 Rabindranath Tagore wrote the poem ‘Lamp of the East’ on Korea’s glorious past

Economic relations

• South Korea has the fourth largest economic sector in Asia, and India is in the third position; this is a great foundation for friendship. Also, the Neutral Nations Repatriation Commission helps to create a broad society, along with democracy and vast international economic order
• From January 2019 to 2020, the bilateral trade reported a transaction of US$17.3 billion trading food, unrefined metals, raw materials, and much more
• Several companies like LG, Hyundai, Samsung, etc., have their establishments in India
• India and South Korea made a pact for Overseas Development Assistance, where the latter decided to be a part of Maharashtra’s infrastructure project, the Mumbai-Nagpur Expressway

Political relations

• India stayed beside Korea in all terms, especially after 1945, when Korea gained independence
• Both these countries share high political values and also support each other
• G-20, Asian Infrastructure and Investment Bank (AIIB), and the East Asian Summit is operated by India-South Korea relations

People to People relations

• Around 11000 Indian nationals, including 120 PIOs, currently reside in South Korea
• Several Koreans also choose to live in India as it is a great destination to study

Neutral Nations Repatriation Commission

Prisoner exchange was high on the post-Korea agenda, but there were disagreements. The United Nations desired voluntary return, but China wanted forceful return. Till May 1952, the problem remained unresolved. Subsequently, the following developments took place:

• The NNRC Chair was India
• Poland and Czechoslovakia represented the Communist bloc
• Switzerland and Sweden stood for the West

The Vision Of The New Southern Policy

• The South Korean government’s New Southern Policy seeks to strengthen its ties with the Association of Southeast Asian Nations (ASEAN) and India
• As a result of this alliance, Korea’s traditional four major diplomatic allies have been elevated to equals (the U.S., China, Japan, Russia)
• It produced principles that may be empathized by others, and it worked to create a people-centered community that was mutually prosperous
• The New Southern Policy’s goal is to establish an economic and diplomatic framework that will accommodate the United States’ concentration on domestic concerns while also addressing the rise of China’s influence throughout East Asia
• According to the New Southern Policy, the “3P community” stands for a community centered on People, Peace, and Prosperity

Path Ahead

• After Japan, South Korea has the most advanced technology in Asia. Adding Japan to the mix would significantly increase India’s power
• The two sides must also promote a stable Asian power balance
• Delhi and Seoul should focus on developing flexible middle power alliances in Asia to mitigate the impact of the current US-China tensions
• India and South Korea should hold more frequent summit meetings. India-South Korea relations will help businesses and industries in both countries collaborate
• A pressing need exists for the expansion of economic collaboration. As a trade war between the United States and China intensifies, Delhi and Seoul must liberalize their bilateral commercial relations

Challenges

The list of challenges faced by India-South Korea relations are:

• Economic ties have reached a standstill. The two countries have agreed to share $22 billion in annual revenue. It also appears that the defense relationship has been reduced to a simple sale and purchase of weapon systems from one country to the other
• According to the Korea Trade-Investment Promotion Agency (KOTRA) report, almost 88% of the Korean Branch is owned by India, and about 11.3% are joint volunteers

Conclusion

Following the establishment of consular relations between the two countries in 1962, the growth of trade relations between the two countries continued. In 1973, the relationship was further elevated to ambassador level. In 2016, both countries joined forces to launch an initiative known as ‘Korea Plus.’ India can involve the Sagarmala project with South Korea as the Vision of the New Southern Policy because they are already renowned for building ships. In this, both countries can witness growth in the financial sector.

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