Expressing assurance in the potential of the India-Republic of Korea alliance to become a prominent force in the Indo-Pacific region, External Affairs Minister (EAM) S Jaishankar emphasized that both countries have the capability to play an active role in reshaping the global order. Addressing the topic of 'Broadening horizons: India-Korea Partnership in the Indo-Pacific' at the Korea National Diplomatic Academy in Seoul, EAM Jaishankar highlighted that amidst growing uncertainty and volatility globally, the partnership between India and Korea is gaining increased significance.

"As two significant G20 members, India and Republic of Korea have a growing responsibility to actively contribute to the reshaping of the global order. The era when a few powers exercised disproportionate influence over that process is now behind us... It has become a more collaborative and broad-based endeavour", the minister said.

Confronting shared challenges such as terrorism and the proliferation of weapons of mass destruction (WMD) that have adversely affected the national security of both countries, he emphasized the mutual benefits of collaboration. Emphasizing the significance of forging stronger ties with like-minded partners in the Indo-Pacific, the minister underscored India's increasing interests in trade, investment, services, resources, logistics, and technology within the region.

"Ensuring the stability, safety, and security of this region is therefore vital for us. We have an obligation to the global commons, just as we have a duty to do global good", EAM Jaishankar, who is in Seoul to co-chair the 10th Joint Commission Meeting between the two countries.

The Republic of Korea released its Indo-Pacific Strategy in 2022, envisaging a free, peaceful, and prosperous region based on three principles of inclusiveness, trust, and reciprocity. This, the minister said, creates the basis for working more closely with like-minded partners. Underlining the importance of intensifying bilateral engagement across various spectrums, the minister stressed the need to have more political discussions and more strategic conversations.

Recognizing the necessity for enhanced business linkages and technology exchanges between the two nations, EAM Jaishankar emphasized the urgent need to expedite the long-awaited review of our Comprehensive Economic Partnership Agreement (CEPA) for its upgrade. Negotiated over twelve rounds spanning more than three years, the CEPA was signed in 2009 and came into effect in January 2010, aiming to facilitate increased economic interactions between India and Korea.

According to South Korean envoy Chang Jae-bok, it is anticipated that the negotiations regarding the agreement will be finalized by 2024. EAM Jaishankar highlighted that India's increasing efficiencies present an appealing opportunity for Korean businesses. Recounting the growth prospects of India, he said, "We have rebounded robustly from the Covid period and are on track to become the third largest economy in the next few years. Along with that, if you look at the innovations underway, the start-up culture and the number of unicorns, there is a strong case here for greater focus and attention".

 

Source : IANS