Relevance : GS Paper II
Prime Minister Narendra Modi met South Korean President on the sidelines of the G20 summit.
Analysing India South Korea relations
- Shared values of open society and democracy.
- Sc & tech : Indo-Korea Science and Technology Centre in Bengaluru.
- Defence: Co-production of the K9 Thunder howitzer.
- Regularised education exchanges.
- Regular security dialogue between the intelligence agencies.
The fallout of trade war
- S.-China trade war has started impacting South Koreaan companies.
- India can emerge as a prime beneficiary here because of its cheap labour costs and a stable legal system.
India South Korea trade ties
- India-South Korea trade ties to $22 billion at the end of 2018.
- Major exports to India include mineral fuels, oil distillates, cereals and, iron and steel.
- The trade target of $50 billion by 2030 is most likely to be missed.
- The CEPA requires immediate upgrading.
- An early harvest scheme agreed to last year failed to see completion.
Lacking in other areas of cooperation as well
- Indian Chamber of Commerce in Korea (ICCK) is struggling to find its due space in promoting economic and business ties in Korea.
- The Indian Cultural Centre has failed to reach out to common South Koreans.
- Social and economic discrimination against Indians in South Korea is still a regular occurrence.
