India signed seven agreements with South Korea on Monday, ranging from reducing double taxation to cooperating in electric power development. The two countries have upgraded their bilateral ties to a ‘Special Strategic Partnership’, the two governments announced in a joint statement during Modi's visit to Seoul.
Prime Minister Narendra Modi told President of the Republic of Korea (ROK) Park Geun-hye on Monday that it saw ROK as "an indispensable partner in its 'Act East' strategy." The two have agreed to work together to work together on ROK’s Northeast Asia Peace and Cooperation Initiative (NAPCI) and India's 'Act East' policy.
The Speaker of the Korean National Assembly is expected to visit India later this month, and a greater exchange of India-Korea parliamentary delegations will follow. India and ROK will have annual Summit meetings, as well as hold joint commissions led by the two foreign ministers on an annual basis.
Sculpting the Special Strategic Partnership. Delegation level talks begin between India and RoK. pic.twitter.com/mZwCMUS9CF— Vikas Swarup (@MEAIndia) May 18, 2015
Defence cooperation was a big talking point between the two countries. The national defence colleges of both countries will partner for education, and cooperate on national security of the two countries. The two countries would also share knowledge between their navies and cyber security experts.
Modi also asked Korea to become a "privileged partner" in his 'Make In India' scheme, and enhance trade and investment ties between the two nations. A Korean Industrial Park to be built in Rajasthan will help small and medium enterprises to benefit from Modi's initiative, they said. They will also build electronics hardware through joint ventures and technology transfer.
Another partnership the two leaders agreed on was between Modi's Swacch Bharat Abhiyan and Saemaul Undong (SMU), Korea’s successful rural development initiative in the 1970s, by combining development experiences of both sides.
India would also learn from Korea's 'Green Economy' initiative, and collaborate in space research.
Seven Agreements Signed By The Two Nations:
1. Agreement between the Government of the Republic of India and the Government of the Republic of Korea for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income;
2. Agreement between the Government of the Republic of India and the Government of the Republic of Korea on Cooperation in Audio-Visual Co-production;
3. MOU for Cooperation between the National Security Council Secretariat of the Republic of India and the Office of National Security of the Republic of Korea;
4. MOU between the Ministry of Power of the Republic of India and the Ministry of Trade, Industry and Energy of the Republic of Korea concerning Cooperation in the field of Electric Power Development and New Energy Industries;
5. MOU between the Ministry of Youth Affairs and Sports of the Republic of India and the Ministry of Gender Equality and Family of the Republic of Korea on Cooperation in Youth Matters;
6. Framework of Cooperation in the Field of Road Transport and Highways between the Ministry of Road Transport and Highways of the Republic of India and the Ministry of Land, Infrastructure and Transport of the Republic of Korea; and
7. MOU between the Ministry of Shipping of the Republic of India and the Ministry of Oceans and Fisheries of the Republic of Korea on Cooperation in the Fields of Maritime Transport and Logistics.