India, South Korea signed 7 agreements to upgrade relations to special strategic partnership level
India-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.
India and South Korea on 18 May 2015 signed seven agreements to upgrade relations to special strategic partnership level.
The agreements were inked during the Prime Minister Narendra Modi visit to South Korea. Prime Minister Modi is on a three nation visit to China (14 May to 16 May 2015), Mongolia (17 May 2015) and South Korea (18 May to 19 May 2015).
List of Agreements/MoUs signed during the visit of Prime Minister to South Korea
• Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income: 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.
• India-Korea Agreement on Cooperation in Audio-Visual Co-Production: The Agreement is being signed under the provisions of India-South Korea Comprehensive Economic Partnership Agreement (CEPA); it would enable co-production of films, animation and broadcasting programmes. The Agreement would enable opportunities for collaboration between Indian and Korean film industries, and facilitate collaboration and exchange.
• MoU for Cooperation between the National Security Council of India and South Korea: The MoU would formalize consultations between National Security Council structures of the two countries in a number of areas.
• MoU for Cooperation in the field of Electric Power Development and New Energy Industries: The MoU envisages cooperation in areas of electric power development and new energy industries such as renewable energy, smart grids and power information and technology, transmission and distribution of electric power, energy efficiency and storage system.
• MoU on Cooperation in Youth Matters: The MoU will strengthen and encourage cooperation on youth matters through participation in events and activities through exchanges, international conferences, seminars, youth camps, festivals etc.
• Framework of Cooperation in the Field of Road Transport: To be signed under the provisions of India-South Korea CEPA, the FOC envisages cooperation in areas including road policies, design and construction, road operation, road management and safety, intelligent transport systems and electronic toll collection systems.
• MoU on Cooperation in the Fields of Maritime Transport and Logistics: The MoU envisages cooperation between the two countries in the fields of maritime transport and logistics including through sharing of technologies, information and experiences, the training of seafarers, exchange of experts and port operations etc.
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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