India and South Korea reached an agreement to restart discussions aimed at enhancing their Comprehensive Economic Partnership Agreement (CEPA), as both parties seek to boost trade, reinforce supply chains, and intensify collaboration in essential technologies.

In a joint speech with South Korean President Lee Jae-myung, Prime Minister Narendra Modi stated that both nations share fundamental values of democracy, mutual respect, and the rule of law, which continue to support their partnership.

The leaders aimed for an ambitious goal to increase bilateral trade from the existing $27 billion to $50 billion by 2030, highlighting that actions taken during the visit would facilitate faster advancement. A Financial Forum between India and Korea was also initiated to enhance economic relations and promote increased investment.

Modi stated that both parties are collaborating to establish robust ecosystems "from chips to ships" that encompass technology, energy, and advanced manufacturing. In this effort, India and South Korea have decided to establish an economic security dialogue that centers on essential technologies and supply chains.

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The two nations will also aim to enhance their trade pact in the coming year, with talks focusing on areas like shipbuilding, steel, and sustainability. Multiple memoranda of understanding are sought in these sectors to enhance industrial cooperation.

In addition to trade and industry, both parties underscored collaboration in cultural and creative sectors, such as film and animation, stressing the enduring interpersonal connections between the two countries.

During Lee's visit to India, Modi welcomed him and characterized his journey as an inspiring illustration of perseverance, service, and commitment, noting that his connection to India had been clear since their initial encounter.

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India and South Korea have a partnership that dates back centuries, and both nations are now aiming to transform that heritage into enhanced economic and strategic collaboration amid a swiftly changing global environment.

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South Korean President Lee Jae-myung stated that Seoul aims to enhance its economic collaboration with India, indicating an effort to expand and strengthen the already growing partnership between the two nations.