India-South Korea Relations

In today’s period, India South Korea Relations are witnessing a huge forward growth as both contain similar ambition, values, and dimensions. Also, these two are in the same process of strengthening the defense, political, people-to-people fronts, economic, and cultural sectors. The cultural and economic bonds are on a high. Also, being the main nation for India, South Korea is the effective 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 can go back to the era of 48 AD

• These routes between India and South Korea became common when Buddhists and Princesses travelled to Korea

• Apart from the route, several Korean serials are highly popular in Tamil Nadu, Mizoram, and Manipur

• In 1929 Rabindranath Tagore also wrote the poem ‘Lamp of the East’ in memory of the glorious past of Korea

Economic relations

• South Korea has the fourth largest economic sector in Asia, and India is in the 3rd position, which carries a great bond of friendship. Also, the Neutral Nations Repatriation Commission helps to create a broad society, along with democracy and vast international economic order
• From January 2019-2020, the bilateral trade reported a transaction of US$17.3 Billion, while trading items like food, unrefined metals, raw materials, and many more. Furthermore, an amount of US$ 13.2 Billion was involved in South Korean Imports and exports with 4.08 Billion
• Several companies like LG, Hyundai, Samsung etc. have their establishments in India
• Also, a bond for Overseas Development Assistance was also done between these countries, where South Korea decided to be a part of the Maharashtra infrastructure project named  Mumbai-Nagpur Expressway

Political relations

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

People to People relations 

• An amount of 11000 along with 120 PIOs Indians are currently residing in South Korea
• Several Koreans also choose India for the study purpose as this is a great destination to study

Neutral Nations Repatriation Commission

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

• Several plans were proposed before the UN agreed to implement Jawaharlal Nehru and V. K. Krishna Menon’s proposal for a Neutral Nations’ Repatriation Commission (NNRC)
• The establishment of the NNRC determined the fate of more than 20,000 prisoners of war from both sides of the conflict
• The NNRC Chair was India. The Communist bloc was represented by Poland and Czechoslovakia. 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 the status of equals (the U.S., China, Japan, Russia)
• It produced principles that may be empathised with by others, and it worked to create a people-centred community that was mutually prosperous
• It is the goal of the New Southern Policy to establish a multilateral 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,” which stands for a community that is centred on People, Prosperity, and Peace

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 work together to promote a stable Asian power balance
• To mitigate the impact of the current US-China tensions, Delhi and Seoul should focus on developing flexible middle power alliances in Asia
• India and South Korea should hold more frequent summit meetings. This 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, both Delhi and Seoul must liberalise their own bilateral commercial relations

Challenges 

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

• Economic relations have reached a standstill. The two countries have agreed to share $22 billion in annual revenue. It also appears that the defence relationship has been reduced to a simple sale and purchase of weapon systems from one country to the next
• 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 has continued. In 1973, the relationship was elevated to the level of ambassadorial relations. Korea is a major focal point in India’s ‘Act East Policy,’ which seeks to expand its influence in the region. 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 and also because they are already renowned for building ships. In this, both can witness growth in the financial sector as well.