India, S. Korea decide to start negotiations to upgrade economic pact

India and South Korea on Monday agreed to start negotiations to upgrade their comprehensive evaluation partnership pact against the backdrop of increasing trade disruptions in view of geopolitical upheavals. The two sides announced the decision following talks between Prime Minister Narendra Modi and South Korean President Lee Jae Myung. In this era of global tensions, India and South Korea together convey a message of peace and stability, Modi said after the talks.
Addressing the joint press briefing, Mr Modi said that democratic values, market economy and respect for the rule of law are in the DNA of both countries. He added that both countries share a common outlook with regard to the Indo-Pacific. Modi highlighted that in the last ten years, the relations between the two countries have been comprehensive and dynamic. He further stated that with the visit of President Lee, the trusted partnership between the two nations will convert into a futuristic partnership.  
President of South Korea Lee Jae Myung said that India has emerged as a leader in the Global South. He added that both nations will expand cooperation in Defence, AI, and Shipbuilding.
Earlier,during the meeting, India and South Korea signed four MOUs in various fields, including cooperation in the field of sports and cultural and creative industries. It also includes an MoU on the Establishment of the Industrial Cooperation Committee in the field of Small and Medium Enterprises. The two countries exchanged a joint declaration on resuming the negotiations to upgrade the Comprehensive Economic Partnership Agreement between India and South Korea and the Framework for the India-Korea Digital Bridge.