Seoul: South Korea has announced that it had reached an agreement with India to cooperate on stabilizing energy supply chains in order to deal with the uncertainties resulting from the war in the Middle East. The announcement was made by South Korean President Lee Jae Myung at the conclusion of his summit with Indian Prime Minister Narendra Modi on Monday.

According to Qatar News Agency, the summit focused on expanding trade and investment, and exploring new opportunities in critical minerals, energy, artificial intelligence (AI), finance and shipbuilding, among other sectors. President Myung highlighted these areas as key components of the discussions.

In turn, Prime Minister Modi stated that India will strengthen cooperation in key technologies and supply chains with South Korea to promote the shared prosperity of both countries. This collaboration is seen as a strategic move to enhance the economic ties and resilience of both nations.

To achieve this goal, the two countries agreed to accelerate negotiations to update their Comprehensive Economic Partnership Agreement. The objective is to increase the volume of bilateral trade from the current USD 25 billion to USD 50 billion by 2030, marking a significant commitment to deepening economic engagement.