Republic of Korea (ROK) - India List of Agreements : Overview

Republic of Korea (ROK) - India List of Agreements: Overview

Question : India has signed 7 agreements with South Korea ranging from reducing double taxation to cooperating in electric power development during PM Modi’s latest visit there. Provide an overview of the agreements signed between ROK(Republic of Korea) and India.

India and ROK have upgraded their bilateral ties to a Special Strategic Partnership in line with ROK’s North East Asia Peace and Cooperation Initiative and India’s Act East Policy

List of Agreements/MoUs

• Agreement has been formed between ROK and India for Avoidance of Double Taxation and Prevention of Fiscal Evasion regarding taxes on income. This revised the India ROK Double Taxation Avoidance Convention signed in 1985 to avoid the burden of double taxation on tax payers in the 2 nations

• India ROK Agreement on Cooperation in Audio Visual Co-Production: This agreement has been signed under the ambit of India-ROK CEPA

• It will enable opportunities for partnership between Indian and Korea film industry

• It will also improve collaboration and exchange between the film industries of the 2 nations

• MoU for Cooperation Between National Security Council Secretariat (India) and Office of National Security (ROK): MoU will formalise consultations between National Security Council structures of the two nations in numerous areas

• MoU between Ministry of Power(India) and Ministry of Trade, Industry and Energy (ROK) for cooperation in fields of new energy industries and electric power development : Through this agreement, cooperation is envisaged in areas such as electric power development and new energy industries such as:

- Renewable energy
- Smart grids
- Power information and technology
- Transmission and distribution of electric power
- Energy efficiency and storage system

• MoU between Ministry of Youth Affairs and Sports (India) and Ministry of Gender Equality and Family (ROK) on cooperation in youth matters: MoU will strengthen as well as encourage cooperation on youth matters through:

- Exchanges
- International conferences
- Seminars
- Youth Camps
- Festivals

• Framework of Cooperation in Road Transport and Highways Between Ministry of Road Transport and Highways (India) and Ministry of Land, Infrastructure and Transport of ROK: It is to be signed under provisions of India ROK CEPA and the FOC envisages cooperation in the following areas:

- Road policies
- Design and construction
- Road Operation
- Road Management and Safety
- Intelligent transport systems
- Electronic toll collection systems

• MoU between Ministry of Shipping (India) and Ministry of Oceans and Fisheries (ROK) in Maritime Transport and Logistics: MoU works towards cooperation through technology sharing, knowledge sharing, training of seafarers and exchange of experts and port operations

Facts and Stats

• India and ROK will have annual summit meetings

• Joint commissions will also be led by the foreign ministers of the 2 countries on a yearly basis

• Korean Industrial Park is to be built in Rajasthan to help small and medium enterprises to Make in India

• Electronics hardware will also be created through JV and technology transfer

• Partnership between the two nations was forged for Swacch Bharat Abhiyan and Korea’s rural development initiative Saemaul Undong

• India will also learn from the Green Economy initiative of ROK