Indo-Korea trade expansion in mutual interest: Moon Jae

Agencies
July 9, 2018

New Delhi, Jul 9: South Korean President Moon Jae-in today called for expansion of bilateral trade with India, saying it was in the interest of both nations.

Addressing the India-Korea Business Forum here, Moon hoped that upgrade of the Comprehensive Economic Partnership Agreement (CEPA) and Regional Comprehensive Economic Partnership (RCEP) Agreement negotiations can be “concluded as early as possible”.

"India and South Korea are the world's 7th and 11th largest economies.

However, trade between the two countries came to USD 20 billion last year, which is not small but far short of our expectations," Moon said at the forum attended by around 400 top business leaders from both countries.

Commerce and Industry Minister Suresh Prabhu said he has held discussion on the ‘Early Harvest’ under CEPA with his Korean counterpart Kim Hyun-Chong.

Prabhu said the two nations are taking forward the discussion and have decided to take their relationship to the new level.

The two ministers today signed the joint statement on the Early Harvest package in the India-Korea CEPA upgradation, according to an official statement.

Stressing that India and Korea can lead the fourth industrial revolution, Moon said an MoU will be signed tomorrow towards the establishment of a Future Vision Technology Group to boost bilateral cooperation in science and technology.

Referring to the recent rapprochement between his country with North Korea, Moon said business opportunities in his country could rise substantially if “we can establish peace in the Korean Peninsula”.

“South Korea is facing a historic transition. We have opened a way to the establishment of peace through the South-North Korea summit and North Korea-US summit.

“Once peace is established, investment conditions in South Korea will improve and many new business opportunities may be created," the president said.

He shared that bilateral cooperation between India and Korea was being expanded to newer areas like ship building, medical devices and food processing.

Moon pointed out that Korean companies were keen to participate in large-scale infrastructure development in India, especially in the development of Smart Cities.

He said the two nations share many common values while both their governments pushed for what he termed the "3Ps" -- people-oriented peace and prosperity.

"I am committed to raise the relationship with India which is embodied in the New Southern Policy, which is also aligned with Act East Policy pursued by Prime Minister Narendra Modi,"Moon said.

The president said Korea will contribute actively to Make in India initiative of the government, adding that around 500 Korean companies are present in India.

Besides, Prabhu referred to the processing of marine products exported from India as one of the sunrise sectors for future bilateral cooperation, adding that there lies a great opportunity for Korean companies to come and invest in India.

He said India was thinking of setting up a special economic zone which can only house the Korean companies.

“I will urge my Korean friends that this is the place where you should invest because in the next 7-8 years India will be a 5 trillion dollar economy and if you take 15 years from now India will be a 10 trillion dollar economy. So the growth in India is inevitable, we are on course to do that,” Prabhu said.

He outlined manufacturing, services and agriculture as the areas having huge potential to enhance bilateral economic cooperation, adding that he has already discussed this with his Korean counterpart.

“We would like to give a concrete shape to this through the business participation,” he added.

The minister highlighted the importance of the South Korean President’s visit to India at a time when the country was in a growth trajectory, and expressed confidence that his coming here would help India’s economy touch the 8 per cent mark soon from 7.6 per cent in the last quarter.

India and South Korea are working to revise the CEPA which has been in place since 2009.

According to estimates, India’s export to South Korea stood at USD 4.4 billion in 2017-18, with an annual growth of 5.2 per cent. On the other hand, import from Korea was four times larger at USD 16.4 billion and rose 30 per cent in 2017-18.

The Korean President also highlighted India’s contribution to the world through Bollywood, Yoga, Nobel Laureates and meditation, observing that his daughter was a Yoga instructor and movies like Haathi Mere Saathi, Three Idiots and Dangal have garnered huge popularity in Korea.

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News Network
June 18,2020

New Delhi, Jun 18: The Delhi High Court Thursday asked the Delhi Police to file status report on a plea by Jamia Coordination Committee member Safoora Zargar, who was arrested under the anti-terror law --UAPA -- seeking bail in a case related to communal violence in northeast Delhi during protests against the Citizenship Amendment Act in February.

Zargar, M Phil student of Jamia Millia Islamia University, is more than four months pregnant.

Justice Rajiv Shakdher issued notice to the police and asked it to file a status report on the bail plea.

The high court listed the matter for further hearing on June 22.

Zargar, who was arrested by the Special Cell of Delhi Police on April 10, has challenged the June 4 order of the trial court denying her bail in the case.

The trial court, in its order, had said “when you choose to play with embers, you cannot blame the wind to have carried the spark a bit too far and spread the fire.”

It had said that during the course of investigation a larger conspiracy was discernible and if there was prima evidence of conspiracy, acts and statements made by any one of the conspirators, it is admissible against all.

The court had said that even if there was no direct act of violence attributable to the accused (Zargar), she cannot shy away from her liability under the provisions of the Unlawful Activities (Prevention) Act (UAPA).

However, the trial court had asked the concerned jail superintendent to provide adequate medical aid and the assistance to Zargar.

The police had earlier claimed that Zargar allegedly blocked a road near Jaffrabad metro station during the anti-CAA protests and instigated people that led to the riots in the area.

It further claimed that she was allegedly part of the “premediated conspiracy” to incite communal riots in northeast Delhi in February.

Communal clashes had broken out in northeast Delhi on February 24 after violence between citizenship law supporters and protesters spiralled out of control leaving at least 53 people dead and scores injured.

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News Network
May 28,2020

May 28: Congress President Sonia Gandhi on Thursday asked the central government to unlock its coffers and help the needy affected by the coronavirus-induced lockdown.

In a video message posted as part of the Congress' 'Speak Up India' campaign, she lamented that even though the country is passing through a serious economic crisis with loss of livelihood due to the pandemic and the lockdown, the central government has not heard the cries of pain and trauma of people.

"We again urge the Centre to unlock its coffers and help the needy. Put direct cash of Rs 7,500 per month in the account of every family for the next six months and provide Rs 10,000 immediately; ensure safe and free travel of labourers back home, employment opportunity and rations; and also increase the number of work days under MNREGA to 200 days to facilitate jobs in villages," Gandhi said.

"Instead of loans, provide financial relief to small and medium industry so that crores of jobs are saved and the country progresses," she said in her video message on the party's social media handles.

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News Network
May 11,2020

New Delhi, May 11: Former prime minister Manmohan Singh is stable and under observation at the AIIMS here after suffering reaction to a new medication and developing fever, hospital sources said on Monday.

The 87-year-old Congress leader was admitted to the hospital on Sunday evening after he complained of uneasiness. He has now been shifted out of the ICU.

The sources said that Singh had developed a reaction to a new medication and further investigation is being carried on him to rule out other causes of fever.

"Dr Manmohan Singh was admitted for observation and investigation after he developed a febrile reaction to a new medication," the sources said.

"He is being investigated to rule out other causes of fever and is being provided care as needed. He is stable and under care of a team of doctors at the Cardiothoracic Centre of AIIMS," they said.

"All his parameters are fine. He is under observation at the AIIMS," a source close to him has said.

Singh, a senior leader of the opposition Congress, is currently a Member of Rajya Sabha from Rajasthan. He was the prime minister between 2004 and 2014.

In 2009, Singh underwent a successful coronary bypass surgery at the AIIMS. A number of leaders expressed have expressed concern over his health and wished him a speedy recovery.

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