India South Korea Agreements

India and South Korea have a history of strong economic and strategic relations. The countries have been working together to promote trade and investment while also collaborating on various other fronts such as defense, science and technology, and tourism. The recent agreements between the two nations have further strengthened this bond and have paved the way for future collaborations.

One of the most significant agreements signed between India and South Korea is the Comprehensive Economic Partnership Agreement (CEPA). The agreement was signed in 2009 and came into effect in 2010. It aims to boost trade and investment between the two countries by reducing tariffs and other barriers. The CEPA has resulted in a significant increase in bilateral trade, which reached over $21 billion in 2019.

Another crucial agreement signed between India and South Korea is in the field of defense. India has been procuring defense equipment from South Korea, and the two nations have agreed to enhance their cooperation in defense manufacturing. In 2019, South Korea`s Defense Acquisition Program Administration signed an agreement with India`s Hindustan Aeronautics Limited to jointly manufacture K-9 Vajra howitzers. This collaboration is expected to further the Make in India initiative while also strengthening India`s defense capabilities.

India and South Korea have also signed agreements in the field of space research. The two countries have agreed to work together on several projects, including the South Korean satellite, KOMPSAT-5, and India`s Mars mission. The collaboration aims to share expertise and resources while also promoting scientific research.

In addition to these agreements, India and South Korea have also been working together in the field of renewable energy. South Korea has pledged to invest $10 billion in India`s solar energy sector, which is expected to create job opportunities and further the country`s green energy goals.

Overall, the agreements between India and South Korea have been beneficial for both nations. They have enhanced their economic, strategic, and cultural ties while also promoting peace and stability in the region. As the two countries continue to collaborate, we can expect to see further progress in various fields and a continued strengthening of their relationship.