India and South Korea Enhancing Economic Partnership and Green Hydrogen Collaboration
Key Ideas
- India and South Korea are addressing the trade imbalance through a review of the Comprehensive Economic Partnership Agreement to ensure a balanced trade relationship.
- Both countries are exploring new avenues of economic cooperation, with a focus on green hydrogen and advanced manufacturing partnerships.
- South Korea, a leader in green hydrogen technologies, is seeking collaboration with India due to its geographic constraints in renewable energy generation.
- Growing investments from South Korea in India, particularly in sectors like electric vehicles, electronics, and medical devices, indicate a strengthening bilateral relationship.
Indian Ambassador to South Korea, Amit Kumar, highlighted the ongoing discussions between India and South Korea to address the trade imbalance and review the Comprehensive Economic Partnership Agreement (CEPA) for a fairer trade relationship. The CEPA, operational since 2010, has led to a widening trade deficit for India, prompting the need for a review to boost export competitiveness. Ambassador Kumar emphasized the potential for collaboration in green hydrogen and advanced manufacturing, as South Korea looks towards India for green hydrogen partnerships. South Korean investments in India, such as Hyundai Motor Group's commitment to the electric vehicle ecosystem, demonstrate the increasing bilateral cooperation in various sectors. Both countries have ambitious roadmaps for green hydrogen deployment, indicating a promising area for future collaboration. The trade between India and South Korea, currently at around USD 25 billion, holds significant potential for growth, with emphasis on expanding scientific collaboration and strengthening people-to-people contacts. The presence of Indian students, professionals, and researchers in South Korea reflects the deepening ties between the two nations, with efforts to establish safe and legal migration pathways for continued development.
Topics
Green Hydrogen
Investment
Green Energy
Manufacturing
Technology Collaboration
Economic Cooperation
Bilateral Relations
Trade Imbalance
CEPA Review
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