A joint statement on the Early Harvest Package of the Upgraded Comprehensive Economic Partnership Agreement (CEPA) was today exchanged between Suresh Prabhu, Minister for Commerce and Industry Minister and his Korean counterpart Kim Hyun-Chong.
The objective of the joint statement was to "facilitate ongoing negotiations on upgrading the India-Korea CEPA by identifying key areas for trade liberalisation (including shrimp, molluscs and processed fish)".
Prabhu and Kim also signed a Memorandum of Understanding on trade remedies for cooperation in the areas like anti-dumping, subsidy, countervailing and safeguard measures through consultations and exchange of information through the establishment of a Cooperation Committee comprising government officials and domain experts.
A pact between the Research Design and Standards Organisation (RDSO) and the Korea Railroad Research Institute (KRRI) was signed for cooperation in railway research, exchange of railway-related experience and development of railway industries.
"The idea is to study the Korean model of high-speed Korean railway and also a variety of other technologies where Korea has strength. This includes variable centre of gravity, where an entire train can turn on a curve without derailing easily, increased safety standards, better signalling standards, rolling stocks," Indian Ambassador to South Korea Vikram Doraiswami told reporters in response to a question on the MoU on railways.
The Koreans are keen to get into the Indian high-speed railway market, Doraiswami said, noting that the MoU is the first step between the RDSO and KRRI.
An MoU on Future Strategy Group was inked between the two sides for cooperation in development of cutting edge technologies for commercialisation to "reap benefits of the 4th Industrial revolution".
Thrust areas under this includes Internet of Things (IOT), Artificial Intelligence (AI), Big Data, Smart Factory, 3D Printing, Electric Vehicle, Advance Materials and affordable healthcare for the elderly and disabled.
On Monday, two separate agreements were also signed for cooperation in adoption of biotechnology and Bio Big-Data in health, medicine, agro fishery products, digital healthcare, precision medicine, brain research, and next generation-medical equipment and scientific and technological research.
Preeti Saran, Secretary (East) in the Ministry of External Affairs, said there are also plans to build a monument commemorating the princess.
"Since last year, the UP government has started organising Deepotsav. The UP government also invited the Korean government to participate as a partner country. President Moon said that he will send a high-level cultural delegation to participate in the Deepotsav," Saran said.
An agreement on the Cultural Exchange Programme for the period 2018-2022 was signed to deepen cultural and people-to-people relations by providing for institutionalised cooperation in fields of music and dance, theatre, art exhibitions, archives, anthropology, mass media programmes and museum exhibits.