The Role of Trade Liberalization and Knowledge Exchange Programs in India and South Korea Relations: In Search of Soft Power Connectivity

Abstract

India and the Republic of Korea are two prominent democracies in Asia. Both countries had to fight for their long-desired freedom. India's growing friendly relationship with the Republic of Korea has been marked by mutual understanding and bilateral trading cooperation. India–Republic of Korea relations have made great strides in recent years and have become truly multidimensional, spurred by a significant convergence of interests, mutual goodwill, and high-level knowledge exchanges. This study intends to critically discuss how soft power has been applied in New Delhi–Seoul relations and how soft power has been a very effective tool to maintain unity among the Indian diaspora and the Korean community. Soft power has been beneficial for India in propagating India's films, culture, medicines, yoga, heritage, etc., through which India is generating revenue. The blending of liberal economic policy and knowledge-based soft power diplomacy has immensely helped in making reciprocal bilateral relations. South Korea's open market policies found resonance with India's economic liberalization and “Look East Policy” as well as “Act East Policy.” Similarly, India has opened up its economy through the adoption of “new economic policy.” With the trade liberalization, India had started vibrant trading relations with South Korea. The significant investment of Korean companies in India has made a strong base of economic relations. Both countries have developed their knowledge exchange programs in many ways.

Citation

Nandy, D. (2021), "The Role of Trade Liberalization and Knowledge Exchange Programs in India and South Korea Relations: In Search of Soft Power Connectivity", Bhattacharyya, R. (Ed.) Comparative Advantage in the Knowledge Economy, Emerald Publishing Limited, Leeds, pp. 209-218. https://doi.org/10.1108/978-1-80071-040-520210018