India and South Korea sign 7 agreements to enhance bilateral relations

India and South Korea have signed 7 agreements /MoUs to enhance bilateral relations.
The agreements were signed during Prime Minister Narendra Modi’s last leg of three nation tour viz China, Mongolia and South Korea.
Signed agreements are

• Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income- It was signed in lines with the Double Taxation Avoidance Convention (DTAC) signed between both nations in 1985. It revises previous convention with a view to avoid the burden of double taxation on taxpayers in the two countries.
• Cooperation in Audio-Visual Co-Production- It will boost opportunities for collaboration between both countries in film industries sector and facilitate collaboration, exchange and co-production of films, animation and broadcasting programmes.
• MoU for Cooperation between the India’s National Security Council and Korea’s Office of National Security- It will formalize consultations between the structures of National Security Council of both nations in a number of areas.
• MoU for cooperation in the field of Electric Power Development and New Energy Industries- It envisages cooperation in areas of electric power development and new energy industries. It basically includes areas such as smart grids and power information and technology, renewable energy, transmission and distribution of electric power, energy efficiency and storage system.
• MoU on Cooperation in Youth Matters- It will encourage and strengthen cooperation on youth matters through participation. It will basically enhance participation through international conferences, exchanges, youth camps, seminars, festivals etc.
• Framework of Cooperation in the Field of Road Transport and Highways– It envisages cooperation in areas such as road policies, construction and design, road operation, management and safety, electronic toll collection systems and intelligent transport systems.
• MOU in the Fields of Maritime Transport and Logistics- It envisages cooperation between the two countries in the fields of maritime transport and logistics. It will include sharing of information, technologies and experiences, exchange of experts and port operations, training of seafarers etc.

Apart from signing these agreements both nations also issued Joint Statement for Special Strategic Partnership.

Month: Current Affairs - May, 2015