India-South Korea diplomatic relations, ever since its establishment three decades ago, has been on the upswing except for minor snags. The Joint Commission of both countries has had regular institutionalized discussions on political, economic, strategic and other matters of mutual interest for the promotion and expansion of bilateral cooperation.

With the introduction of economic liberalization in India in 1991, South Korea tapped into the business opportunities India offered which increased the two-way trade volume to $2.6 billion in 2002. South Korea remains the fifth largest investor in India with some 200 companies doing business within it. It is forecast that this figure would rise further to $10 billion and more by 2008.

Taking advantage of ideal economic climate and geo-political realities, South Korea under President Roh Moo-hyun has embarked upon a policy of earmarking India as a beachhead for South Korean advance into South West Asia. Trade between India and South Korea have been conducted under the Agreement on Trade Promotion and Economic and Technical Cooperation signed in 1974. Through membership in WTO and also as signatories to Bangkok Agreement, South Korea and India have heralded intra-regional trade to a new height.

At the strategic level, there are talks in the Bush administration of creating an Asian NATO that would strengthen political, economic and military ties and defend democratic values and shield acts of international terrorism. It would include South Korea and India as partner members and forge a loose alliance with other adjoining countries such as Singapore, Malaysia, Japan, Australia and the Philippines. Whether the creation of an Asian NATO will be perceived by China as a threat to its hegemonic ambitions in the Asia-Pacific region is a matter of intense academic debate.

Similarly, India and South Korea by virtue of being party to ASEAN dialogue partner and ASEAN-plus-three forum respectively, can lay out a viable multilateral security framework for enhancing stability in Southeast Asia and Northeast Asia.

At the track-two level, initiatives such as the Kathmandu process and the Council for Security Cooperation in the Asia Pacific (CSCAP) that link regional security-oriented think tanks and institutes including those from India and South Korea, can be used as a discussion forum to debate various regional issues of common interest.

There are also further scope to promote meaningful interaction in the defense sector, including enhanced cooperation between the navies, coast guards and other defense related agencies of the two countries in dealing with acts of piracy and search and rescue operations.

President Roh Moo-hyun, during his visit to India, had wide ranging talks with Prime Minister, Manmohan Singh. Both countries signed an Extradition Treaty alongside one on mutual legal assistance in criminal matters which assumes significance in view of counter-terrorism efforts being undertaken by both countries. Under this treaty, any offence including acts of terrorism committed inside or outside the territory of one party and which is punishable at the time of the request with provisions for imprisonment for a period of at least one year, under the laws of both countries would be considered an extraditable offense.

Both India and South Korea have also a lot of learning to do in their respective geographical arenas, be it South Asia or Northeast Asia, in order to find synergy between its national interests and in initiating confidence building measures. Areas of interaction may include hot lines, people-to-people exchange, prior notification of military exercises and cross-border economic enterprises. As with Pakistan (in the case of India) and North Korea (in the case of South Korea), only CBMs preferably bilateral initiatives can help defuse simmering tension, historical animosities, misunderstandings and misperceptions, as well as promote a more conducive environment in addressing the legitimate security concerns of the parties involved. Let us hope both India and South Korea use the resources at their disposal to their mutual advantage as a win-win strategy.