• Prime Minister Narendra Modi lauded the ties between India and Republic of Korea (South Korea) as a journey of mutual respect, shared values and growing partnerships as diplomatic ties between the two countries marked the 50-year milestone.

• Extending warm wishes to Korean President Yoon Suk Yeol, PM Modi said he is looking forward to working closely with him to deepen and expand the ‘Special Strategic Partnership’ between the two countries.

• India-South Korea relations have made great strides in recent years and have become truly multidimensional, spurred by a significant convergence of interests, mutual goodwill and high-level exchanges. 

India-South Korea relations

• Bilateral consular relations were established in 1962 which was upgraded to ambassador-level in 1973.

• Over the years, South Korea’s open market policies and the New Southern Policy found resonance with India’s economic liberalisation, ‘Look East Policy’ as well as ‘Act East Policy’.

• South Korea and India recognise the value of the bilateral partnership and its contribution to bringing peace, stability and security in the Asia Pacific Region. 

• India played an important and positive role in Korean affairs after Korea’s independence in 1945. K.P.S. Menon was the chairman of the nine-member UN Commission set up in 1947 to hold elections in Korea. During the Korean War (1950-53), both the warring sides accepted a resolution sponsored by India, and the ceasefire was declared on July 27, 1953. 

• Lt. General K.S. Thimayya of India, served as the chairman of the Neutral Nations Repatriation Commission (NNRC), after the armistice and contributed to resolving the humanitarian issues arising out of the War, which won appreciation from all quarters.

• Both the countries implemented the Comprehensive Economic Partnership Agreement (CEPA), a kind of free-trade pact, in January 2010.

• Trade and economic relations gathered momentum following the implementation of CEPA in 2010. 

• The bilateral trade between the countries reached a record level of $27.8 billion in 2022.

• Major items of India’s exports to Korea are mineral fuels/oil distillates (mainly naphtha), cereals, iron and steel. On the other hand, Korea’s main export items are automobile parts, telecommunication equipment, hot rolled iron products, petroleum refined products, base lubricating oils, mechanical appliances, electrical machinery & parts and iron and steel products.

• In May 2015, the bilateral relationship was upgraded to ‘Special Strategic Partnership’.

• India and South Korea launched an initiative ‘Korea Plus’, as proposed by PM Modi in June 2016 in India to promote and facilitate Korean Investments in India.

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