Act East Policy
- India’s act east policy, which was announced in 2014 by the Prime Minister Narendra Modi’s administration, became a successor to the look east policy.
- According to this policy India will increase engagements with its neighboring countries of the east.
India and Republic of Korea Relations
India’s relation with RoK is a cornerstone of India’s act east policy.
- South Korea’s Economic importance for India: India and South Korea have set a target to increase bilateral trade to $50 Billion by 2030 from $20 Billion in 2017-18. Here India’s export to South Korea is around $ 4-5 Billion whereas South Koreas’ export to India is around $15-16 Billion.
This trade can become effective if these two countries sign a free trade agreement i.e. Comprehensive Economic Partnership Agreement (CEPA). The efforts to speedily conclude negotiations to upgrade the bilateral agreement are being done.
Apart from this, South Korea is also establishing its manufacturing units in India which will help India in terms of employment.
- India South Korea Defence ties: India and South Korea perform a joint coast guard exercise named “Sahyog-Hyeoblyeog” . It is a joint anti-piracy, search and rescue exercise.
- South Korea to pull out investment in POK: South Korea was to invest some amount in POK under CPEC(China Pakistan Economic Corridor) but after India raised the point that POK is a disputed area and India does not give any importance to the CPEC, South Korean companies have decided to pull out from this.
What happened recently??
- India and South Korea have inked a military logistics agreement which will support each other navies.Indian and South Korean navies will get access of each other naval bases.
- Suppose a South Korean naval ship is present in Indian Ocean and it needs refueling or replenishment or any other kind of logistics support then it can dock on Indian Naval base and get its work done.
- Vice Versa if an Indian navy ship is present in South China Sea then it can dock on South Korean Naval base for logistics support.
Point to Note
- India has also signed Logistics Exchange Memorandum of Agreement (LEMOA) with USA but LEMOA focuses on all Military branches whether it is Air Force, Navy or Army whereas the India-South Korea pact covers only Navy.
How this helps Indian Navy Outreach??
- Indian Navy has access to naval base of both USA and South Korea.
- This will greatly improve India’s presence in Indo-Pacific region.
- India is in no mood to stop here. In coming time India has planned to sign US-like defence logistics sharing pact with Russia. Similar agreements to be signed with France too.
That’s all for this time. Will be back soon with another interesting topic.
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