CURRENT AFFAIRS

Detailed explanation-1: -India Exports to South Korea was US$7.1 Billion during 2021, according to the United Nations COMTRADE database on international trade. India Exports to South Korea - data, historical chart and statistics - was last updated on February of 2023.

Detailed explanation-2: -India-Republic of Korea (RoK) relations has made great strides in recent years and has become truly multidimensional, spurred by a significant convergence of interests, mutual goodwill and high level exchanges. Bilateral consular relations were established in 1962 which was upgraded to Ambassador-level in 1973.

Detailed explanation-3: -Since then, several trade agreements have been reached: Agreement on Trade Promotion and Economic and Technological Co-operation in 1974; Agreement on Co-operation in Science & Technology in 1976; Convention on Double Taxation Avoidance in 1985; and Bilateral Investment Promotion/Protection Agreement in 1996.

Detailed explanation-4: -Notably, India-South Korea ties are still based on the 2018 Modi-Moon vision for peace and prosperity, along with the joint statement that upgraded their relationship to a “special strategic partnership,” which allowed a synergy between South Korea’s NSP and India’s Act East Policy (AEP).