1. India and the Republic of Korea are Special Strategic Partners with a common vision for an open, inclusive and prosperous Indo-Pacific region.
2. The central pillar of our Special Strategic Partnership is a long and trusted economic and energy resource partnership, grounded in a shared commitment to open markets and rules-based trade, which underpins our prosperity and economic security. Reaffirming these shared principles and understanding the impact of current situation on industries and markets is essential at this time.
3. We endeavour to advance our energy resource trade and investment cooperation through the India-ROK Comprehensive Economic Partnership Agreement (CEPA) and relevant bilateral frameworks. India is a key supplier to the ROK of naphtha and other petroleum feedstocks, while the ROK is a leading supplier to India of petroleum products and lubricant base oils.
4. We are committed to working together to strengthen energy resource supply chain resilience, including through deepening regional cooperation, accelerating energy transition and supporting open trade arrangements for energy resources. We recognized the need to explore closer collaboration as major LNG consumer to enhance market stability, transparency, and better reflect buyers’ perspectives.
5. We recognize our shared commitment to resilient trade in energy. We recognize that resilient maritime infrastructure, including shipbuilding, is critical to ensuring the energy security of both countries. We acknowledge the importance of a robust and diversified shipbuilding ecosystem, in supporting the safe, reliable and efficient transportation of energy resources.
6. Against this backdrop, India and the ROK endeavour to:
- maintain a stable, secure and reliable supply of energy resources to each other, including efforts by both countries to maintain open trade in naphtha and other petroleum products; and cooperation in entire energy value chain.
- explore closer collaboration among LNG-consuming countries
- strengthen cooperation in the shipbuilding sector, including though not limited to, setting up shipyards in India, shipyard modernization, human resource development, and technology partnership.
7. India and the ROK call on regional partners to join in ensuring global energy resource supply chains are kept open, for the benefit of the security and prosperity of our peoples.
