India is a nation that has diplomatic relations with both Korea and North Korea. With Korea, it established consul general relations in March 1962. Early agreements with Korea include Trade of April 1964, and Culture of 1974. The consul relations were promoted to the ambassador level in December 1973, and the 1st joint session of the Korea-India Mutual Council on Economy was held in June 1977, and has been held every two years since. Agreements also existing between the two nations are the Science & Technology of 1976, the Double Taxation Avoidance & Taxation of 1985, the Mutual Agreement on Industrial Standards & Quality Control of 1989, the Aviation of 1992, the Joint Committee Foundation of 1996, Investment Guarantee of 1996, etc.
Korean President YS Kim visited India to promote better bi-national relations in February 1996. India’s exports to Korea amounted to US$ 1,326 million and imports from Korea US$ 985 million in 2000. Main goods sold to Korea included petroleum related products, metallic minerals, farm produce textiles, and goods bought from Korea are organic chemicals, steel, electric and electronic appliances, machinery, and vessels. The numbers of Korean immigrants and expatriates registered in India in 2001 were respectively 46 and 1,646.