As part of the pact, which will come into force on March 1, Jet Airways and Korean Air will be able to connect from multiple points in India to Seoul over various gateway points in Asia.
Korean Air is one of the world's top 20 airlines and carried more than 24 million passengers in 2015. It operates over 462 flights per day to 129 cities in 46 countries with a fleet of 167 aircraft, including 10 jumbo jets A380s.
Similarly, Korean Air will place its marketing code on Jet Airways flights on Singapore-Mumbai and Bangkok-Mumbai-Delhi routes, a release said.
Codesharing allows an airline to book its passengers on its partner carriers and provide seamless transport to multiple destinations where it has no presence.
The codeshare will strengthen the global network of both the airlines and provide more choice to customers travelling between India and South Korea, with seamless and convenient connections over the international gateways, Singapore and Bangkok, it said.
Under the loyalty club partnership, members of both Jet Airways frequent flyers' programme 'JetPrivilege' and Korean Air's 'SKYPASS' will benefit from frequent flyer mileage accrual and redemption opportunities across the entire network of the two carriers.
With the new pact coming into effect from March 1, Jet Airways would operate codeshare flights with 23 airlines across the world.
"We are delighted with this partnership which will provide our customers with better access between Korea and India. Through this partnership and Korean Air's additional destinations to be launched in India, we are hoping to contribute to strengthening the two countries' economic relations as well," Korean Air's Senior Vice President for International Affairs and Alliance, Yong Soon Park said.
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