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India, South Korea sign seven agreements to boost cooperation

Staff writer ▼ | May 20, 2015
India and South Korea inked seven agreements, including on avoidance of double taxation and formalising consultations between National Security Councils of the two nations, to boost bilateral ties.
Park Modi
Cooperation   The agreements were signed after talks in Seoul
The agreements were signed after Prime Minister Narendra Modi held talks with South Korean President Park Geun-hye in Seoul.

The India-South Korea Double Taxation Avoidance Convention signed in 1985 has been revised with a view to avoiding the burden of double taxation on taxpayers in the two countries.

The agreement in this regard is being signed under the provisions of India-South Korea Comprehensive Economic Partnership Agreement (CEPA) and would enable co-production of films, animation and broadcasting programmes.

The pact would enable opportunities for collaboration between Indian and Korean film industries, and facilitate collaboration and exchange.

The two nations also signed an MoU for cooperation between the National Security Council Secretariat of India and the Office of National Security of South Korea.

This would formalise consultations between National Security Councils of the two countries in a number of areas.

Another MoU was signed between the Ministry of Power and the Ministry of Trade, Industry and Energy of South Korea on cooperation in the field of electric power development and new energy industries.