India and South Korea have agreed to start negotiations to upgrade their Comprehensive Economic Partnership Agreement (CEPA). The decision aims to give a new direction to economic cooperation between the two countries amidst rising global geopolitical tensions and trade barriers. The announcement was made after a bilateral meeting between Prime Minister Narendra Modi and South Korean President Lee Jae-myung at Hyderabad House in Delhi on Monday. Several memoranda of understanding and other key agreements were also exchanged between the two countries.

During a joint press conference at Hyderabad House, Prime Minister Modi said, "From chips to ships, from talent to technology, from entertainment to energy - India and Korea will create new opportunities together." Terming the visit as a "significant milestone" for bilateral relations, he said the two countries are taking their partnership in a "future-oriented" direction.

The Prime Minister stated that bilateral trade between India and South Korea has reached nearly $27 billion and the goal is to increase it to $50 billion by 2030. To achieve this goal, the two countries have agreed to take several key steps, including the establishment of an "India-Korea Financial Forum".

An initiative called "India-Korea Digital Bridge" has been launched to strengthen cooperation in the digital and technology sectors. This will involve joint efforts in areas such as artificial intelligence, semiconductors, and information technology.

Referring to cultural ties between the two countries, Prime Minister Modi said India and Korea have thousands of years of historical relations. Citing the story of Ayodhya's Princess Suri Ratna and Korean King Kim Suro, he termed it a symbol of shared cultural heritage. He said Korean pop culture and serials are gaining popularity in India, while interest in Indian cinema and culture is growing in Korea. The two countries have also announced the hosting of an "India-Korea Friendship Festival" in 2028, which will further promote cultural exchanges.

Discussing global issues, Prime Minister Modi said ensuring global peace and stability is of utmost importance in the current era. He said India and Korea share a common vision for the Indo-Pacific region and will work together for regional peace, stability, and comprehensive development.

Addressing the occasion, South Korean President Lee Jae-myung said the goal of the two countries is to increase bilateral trade to $50 billion by 2030. He also noted that the two leaders discussed the Middle East situation and agreed that restoring peace and stability there is essential for the global economy and security. President Lee stated that an agreement has been reached to link the electronic payment systems of the two countries, allowing citizens of both countries to make payments using local QR codes during their visits.

The two leaders also emphasized the need to increase cooperation in international forums and reform global institutions. They said coordinated efforts are necessary to address the changing global challenges.