President Moon Jae-in and Indian Prime Minister Narendra Modi held a summit today. Based on the results of their summit discussions, the two leaders adopted the “Shared Vision for People, Prosperity, Peace and the Future” to highlight a new direction for Korea-India cooperation.
The Vision Statement reaffirmed that Korea and India are forward-looking, indispensable partners in President Moon’s New Southern Policy and Prime Minister Modi’s Act East Policy. It also set a goal to raise bilateral trade to US$50 billion by 2030.
First, based on their shared political philosophy that prioritizes the people, the two leaders agreed to further promote broad exchanges to help the peoples of both nations better understand one another. One project to be pursued in this regard involves upgrading the monument of Queen Heo Hwang-ok in Ayodhya, India, to symbolize the time-honored bonds between the two countries.
Second, President Moon and Prime Minister Modi resolved to work for the speedy conclusion of ongoing negotiations to upgrade the ROK-India Comprehensive Economic Partnership Agreement (CEPA), in addition to completing some elements of the negotiations ahead of schedule. They also agreed to actively promote mutual prosperity by making the most of the complementary economic structures and enormous potential for cooperation between the two countries with regard to trade and infrastructure construction.
Third, the two countries decided to combine their strength for peace and stability in the region and to closely cooperate for the complete denuclearization of the Korean Peninsula and the establishment of permanent peace. In addition, they agreed to collaborate in national defense, the defense industry, counter-terrorism and make efforts to consult regularly on diplomacy and security.
Lastly, the two sides agreed to set up the Korea-India Future Vision Strategy Group and the India-Korea Center for Research and Innovation by combining talented Indian human resources and Korean technology. In addition, they agreed to prepare for the future together through joint research in science and technology and other measures.