Study Material | Test Series
Drishti IAS
call1800-121-6260 / 011-47532596
Drishti The Vision Foundation
(A unit of VDK Eduventures Pvt. Ltd.)
prelims Test Series 2019
बेसिक इंग्लिश का दूसरा सत्र (कक्षा प्रारंभ : 22 अक्तूबर, शाम 3:30 से 5:30)
India-South Korea meet related to economic relations held
Jan 09, 2014

During the 4th India-Korea Finance Ministerial Meeting, India and Korea share a common vision towards building an equitable and just politico-economic international order. Relations between India and Korea are based on strong historical ties, shared cultural heritage, commitment to democracy and a mutual desire to establish and strengthen long-term comprehensive strategic partnership.

Both sides exchanged views on macroeconomic outlook and policy directions and measures necessary to reinforce cooperation under the multilateral framework and appreciated the deepening and developing bilateral economic cooperation. The two nations also had in-depth discussions on issues of mutual interest in areas of trade and investment, public service and fiscal affairs, taxation and finance, and infrastructure development and cooperation.

The salient outcomes of the meet are:

  • Both sides recognized the need to strengthen cooperation under the multilateral framework, and agreed to facilitate discussions at the G20 level and regional cooperation forums to actively address other global issues.
  • Both sides underscored the need to evolve a vision for medium and long-term cooperation between the two countries for systematic and close bilateral cooperation, and agreed that identified research institutes of the two countries would jointly discuss this subject.
  • The India-Korea Comprehensive Economic Partnership Agreement (CEPA) has contributed to enhancing trade and investment flows between the two countries. It has brought the two economies closer. Both sides agreed to continue their consultations on the CEPA.
  • In order to enhance trade relations, both sides further agreed that, in case either Customs Authority notifies its counterpart of difficulties encountered in the process of Customs clearance, the two Authorities will make efforts to address the difficulties expeditiously.
  • Both sides agreed to make efforts to promote SME cooperation between the two countries by sharing knowledge and experience gained on SME policies and by creating strategic industrial partnerships for investment and technical cooperation
  • Both sides agreed to cooperate and work together to improve public procurement systems including e-procurement systems. Both sides agreed to cooperate to facilitate mutual exchange between the public procurement entities of Korea and India.
  • The Korean side proposed cooperation through a Knowledge Sharing Programme (KSP) in order to facilitate mutual economic cooperation, and the Indian side agreed to consider this favourably.
  • Both sides agreed to make an effort to conclude the revision of the Korea-India Double Taxation Avoidance Convention (DTAC) expeditiously after reviewing their respective positions on major pending issues for the revision.
  • Both sides agreed to strengthen cooperation in bilateral trade by means of the Master Interbank Export Credit Agreement worth USD 200 million between the Export-Import Bank of Korea and State Bank of India to be signed in January 2014, which will facilitate the provision of export credit to India.
  • Both sides agreed to step up cooperation in S&T as the Science and Technology Cooperation fund of USD 10 million has served to implement joint research projects, thus agreed to step up cooperation by creating an additional joint fund of USD 10 million (with a contribution of USD 5 million by each side) to promote applied research and development programmes which will be conducted jointly by academia, research institutes and businesses of both countries.

Helpline Number : 87501 87501
To Subscribe Newsletter and Get Updates.