In a significant move to counter global energy uncertainties, India and South Korea have issued a joint declaration enhancing their strategic energy cooperation. Unveiled on Monday, the statement underscores the pivotal role of economic and energy ties within their special strategic partnership, rooted in principles of open markets and transparent trade.
Both nations echoed their commitment to a thriving Indo-Pacific, while addressing the profound impacts of worldwide events on sectors like manufacturing and commerce. Under the Comprehensive Economic Partnership Agreement, they vow to expand energy commerce and investments, building on existing flows where India exports naphtha and petroleum derivatives to South Korea, reciprocated by imports of refined products and base oils.
A core focus is reinforcing energy supply chains via regional alliances, rapid shifts to sustainable energy, and advocacy for unrestricted trade in resources. Discussions as leading LNG importers centered on collaborative efforts to ensure market steadiness and clarity.
The partnership extends to maritime domains, viewing robust shipbuilding as essential for energy assurance. Agreed initiatives include new shipyard developments in India, upgrades to current infrastructure, technology sharing, and workforce training programs.
The declaration renews pledges for dependable energy deliveries between the two, urging fellow regional stakeholders to uphold open, predictable global supply networks. This deepened alliance positions India and South Korea as proactive guardians of energy security, fostering mutual growth and collective resilience against emerging threats.
