India and South Korea agree there is great potential for enhanced defence cooperation

India and South Korea on Thursday agreed that there is great potential for enhanced cooperation for mutual benefit in the defence industry.

In the joint statement issued after summit-level talks between South Korean President Park Geun-hye and Prime Minister Manmohan Singh here, the two leaders noted that foreign policy and security dialogue, which has been held annually at the vice-minister level since 2010, has served as an important channel for bilateral consultation in the security area. It was agreed that the fourth meeting of the dialogue would be held in 2014.

They also agreed to facilitate mutual visits of parliamentarians of the two countries, and high-level officials from central and state governments.

Both leaders reiterated the importance of the India- Republic of Korea Joint Commission co-chaired by the foreign ministers of the two countries, and acknowledged the necessity of holding the joint commission regularly.

They noted that the Seventh Joint Commission meeting held last year, provided a great opportunity to review the progress in bilateral relations in various areas.

The two countries agreed that the Eighth Joint Commission meeting would be held in 2014.

Recalling the contribution of India-Republic of Korea Defense Ministers' Meeting in November 2012, in developing bilateral defense cooperation, the two nations agreed to continue to hold deputy defense minister level strategic dialogue on a regular basis as agreed in the Meeting.

The two leaders welcomed the conclusion of the Agreement on the Protection of Classified Military Information, which they believe would contribute to enhancing mutual confidence and cooperation in the military field.

The two sides agreed to continue exchanges between the armed forces of both sides.

Both sides noted that the cooperation in the defense industry is essential in strengthening strategic cooperation, and therefore agreed that the fifth meeting of the Joint Committee on Defence Logistics and Industry will be held during the first half of 2014.