India, South Korea sign seven bilateral agreements

India and South Korea signed seven agreements on Monday, including the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income.

India-Republic of 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.

The two nations also signed an agreement on Cooperation in Audio-Visual Co-Production which 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.

The two sides also signed a Memorandum of Understanding (MoU) for Cooperation between the National Security Council Secretariat of India and the Office of National Security of Korea. The MoU would formalize consultations between National Security Council structures of the two

countries in a number of areas.

Another MoU was signed between India's Ministry of Power and South Korea's Ministry of Trade, Industry and Energy concerning 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 such as renewable energy, smart grids and power information and technology, transmission and distribution of electric power, energy efficiency and storage system.

The Ministry of Youth Affairs and Sports of India and the Ministry of Gender Equality and Family of the Republic of Korea also signed a MoU on cooperation in Youth Matters.

It will strengthen and encourage cooperation on youth matters through participation in events and activities through exchanges, international conferences, seminars, youth camps, festivals etc.

A Framework of Cooperation (FOC) in the Field of Road Transport and Highways between the Ministry of Road Transport and Highways of India and the Ministry of Land, Infrastructure and Transport of the Republic of Korea is to be signed under the provisions of India-ROK 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.

Latsly, a MOU between the Ministry of Shipping of India and the Ministry of Oceans and Fisheries of the Republic of Korea on Cooperation in the Fields of Maritime Transport and Logistics was also signed.

It 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.