India and South Korea Explore Strategies to Enhance Trade Cooperation
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Synopsis
On April 4, South Korea and India engaged in a joint forum to discuss strategies for increasing their trade partnership. The forum emphasized collaboration in various sectors, including advanced manufacturing and renewable energy, while also addressing recent tariff changes announced by the U.S. administration.
Key Takeaways
- Forum focused on enhancing trade cooperation.
- Discussions on advanced manufacturing and renewable energy.
- Special strategic partnership established in 2015.
- New defense contracts aimed at military modernization.
- Concerns over U.S. tariff announcements.
Seoul, April 4 (NationPress) South Korea and India convened a collaborative forum focused on growth strategies on Friday, discussing initiatives to enhance bilateral trade cooperation, as reported by Seoul's industry ministry.
At the Seoul forum, both nations explored ways to strengthen trade and investment partnerships, alongside future sectors such as advanced manufacturing and renewable energy, identifying themselves as special strategic partners, according to the Ministry of Trade, Industry and Energy, as noted by the Yonhap news agency.
The two nations elevated their bilateral ties to a special strategic partnership in 2015, intending to strengthen their extensive cooperation in trade, defense, and technology.
This forum, co-organized by the industry ministry and the Indian Embassy in Seoul, occurred shortly after the U.S. government announced intentions to implement country-specific reciprocal tariffs, heightening fears of a global trade conflict.
South Korea faces a 25 percent reciprocal duty while India is subject to a 27 percent duty.
According to Kim Jong-chul, director general for international trade relations at the ministry, 'The two nations have experienced modest outcomes compared to their cooperative potential, but South Korea is committed to fostering more effective collaboration with India this year.'
Indian Ambassador to South Korea, Amit Kumar, also emphasized the need for a sustainable partnership between the two nations, taking into account their economic structures, growth prospects, and strategic advantages, as conveyed by the ministry.
In addition, South Korean defense leader Hanwha Aerospace has inked a 371.4 billion-won ($253.6 million) agreement to export domestically produced K9 self-propelled howitzers to India.
Under this deal, the company will supply K9 howitzers to the Indian Army by September 2030, in collaboration with Mumbai's Larsen & Toubro, according to Hanwha Aerospace.
This agreement supports India's ongoing military modernization efforts, as per the company's statement.
This contract follows a prior 2017 agreement, under which Hanwha delivered K9 howitzers worth 372.7 billion won to India by 2020.
Hanwha Aerospace noted that this new contract underscores the K9's established reliability in satisfying the Indian Army's operational requirements.
