List of seven agreements inked between India
and South Korea after talks between Prime Minister Narendra Modi and South
Korean President Park Geun-hye in Seoul. During his two-day visit to the
country, PM Modi also met business leaders and attracted investments of $10
billion for infrastructure projects.
Noting that India considers South Korea a
“crucial partner” in its economic modernisation, Mr. Modi said South Korea can
be a leading partner in India’s efforts to develop a world class manufacturing
sector. During the visit,
Prime Minister Narendra Modi met with South Korean President Park Geun Hye in
Seoul. Later, the two leaders released a joint statement.
Besides, Prime Minister Narendra Modi also met
with UN Secretary General Ban Ki-moon in Seoul.
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Agreement on
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Details
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01
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Double
Taxation Avoidance
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A
memorandum of understanding (MoU) on Avoidance of Double Taxation and the
Prevention of Fiscal Evasion with Respect to Taxes on Income was inked; India-South
Korea Double Taxation Avoidance Convention (signed 1985) has been revised
with a view to avoiding the burden of double taxation on taxpayers in the two
countries.
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02
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Security
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An
MoU was inked for cooperation between the National Security Councils of both
countries to formalise consultations in a number of areas.
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03
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Power
and Renewable Energy
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An
MoU for cooperation in areas of Renewable energy, Smart grids and power
information and technology, Transmission and distribution of electric power, Energy
efficiency and Storage system.
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04
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Maritime
Cooperation
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An
MoU was inked for cooperation in maritime transport and logistics. Also
includes information sharing through sharing of technologies, information and
experiences, the training of seafarers, exchange of experts and port
operations.
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05
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Road
Management
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A
Framework of Cooperation was inked for cooperation in Road policies, Design
and construction, Road operation, Road management and safety, Intelligent
transport systems and Electronic toll collection systems.
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06
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Entertainment
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A
bilateral Agreement on Cooperation in Audio-Visual Co-Production was inked
for co-production of films, animation and broadcasting programmes.
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07
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Youth
Affairs
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An
MoU was inked to strengthen and encourage cooperation on youth matters. This
Includes, Participation in events and activities through exchanges,
international conferences, seminars, youth camps, festivals etc.
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