- The South Korean President Lee Jae Myung’s visit to India is considered to be historic, as many Memorandums of Understanding and strategic decisions were made.
- Both countries are blooming economies, and more importantly, amid the intense geopolitical developments, the Asia Pacific has become the epicentre of global geopolitics.
- One of the key ideas for India is to renew the long-standing trade agreement with South Korea so that it can better benefit both countries.
- The way forward for India and South Korea is to further develop their relationship based on mutual needs.
In an important geopolitical development, the South Korean President Lee Jae Myung visited India on his first state visit. The visit is considered to be historic as many Memorandums of Understanding and strategic decisions were made.
The President of South Korea has gone through an interesting political phase in his own country over the last two years. It was former President Yoon Suk Yeol who attempted a presidential coup in December 2024, for which he was subsequently prosecuted. This political turmoil created the conditions for President Myung’s comeback. This was also reflected in Prime Minister Modi’s speech, where he highlighted that the Korean President is a reflection of dedication and hard work.
Both India and South Korea are important members of the Asia Pacific. Both countries are blooming economies, and more importantly, amid the intense geopolitical developments, the Asia Pacific has become the epicentre of global geopolitics. The relationship between India and South Korea is therefore very important.
Both leaders discussed various spheres, from market economy to democratic values and the rule of law. Prime Minister Modi said that these are the key connecting factors between India and South Korea.
Prime Minister Modi also said that India and South Korea would make immense progress from chips to ships, from environment to energy. Both countries have agreed that they would accelerate their bilateral trade and increase it exponentially to 50 billion dollars, from the current level of around 25 billion dollars.
India and South Korea signed the Comprehensive Economic Partnership Agreement back in 2010. This agreement has helped both countries, but it was signed under the UPA regime in India, and many economic critics argue that the trade agreement has benefited South Korean industries more than Indian industries, particularly the steel sector.
There is also a comparison to be made with some of the trade agreements signed by the Narendra Modi administration, such as those with Australia and the UAE, which have significantly helped in accelerating economic relationships compared to those signed prior to 2014.
One of the key ideas for India is to renew the long-standing trade agreement with South Korea so that it can better benefit both countries. South Korea seeks markets, and India has been a major marketplace for South Korean industries.
Another important connecting factor between the two countries is that both are democratic in nature and share similar values in the Asia Pacific. This becomes even more relevant in the context of the dual nexus of North Korea and China in East Asia. This is one of the reasons why, in recent years, South Korea has been more interested in diversifying its relationships, particularly with like-minded countries such as Japan, India, and Australia. There have been discussions in the past about South Korea becoming part of the Quad, but that did not materialise.
The way forward for India and South Korea is to further develop their relationship based on mutual needs. South Korea can contribute in terms of technology and investment, while India can enhance South Korea’s engagement in East Asia. This partnership can also help balance the regional dynamics in the Asia Pacific.
Aayush Pal is a freelance writer on contemporary geopolitical developments. The views expressed in his work are entirely his own.
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