India, South Korea close to concluding economic pact

June 23rd, 2009 - 6:36 pm ICT by IANS  

New Delhi, June 23 (IANS) India and South Korea are close to signing a bilateral economic partnership pact, apart from negotiating a double taxation avoidance treaty.
This was announced at the end of the official meetings of the visiting South Korean foreign minister Yu Myung-hwan here Tuesday.

At his meeting with his Indian counterpart S.M. Krishna, both appreciated that the bilateral agreement “will give a further boost to the expanding economic partnership between the two countries”.

The South Korean minister said a large number of Korean companies were interested in making investments in India, even as bilateral trade has increased significantly to $15 billion.

Krishna said his government attaches priority to ensuring that Korean companies have a conducive investment environment.

“He also expressed the hope that other agreements that are under negotiation between the two sides, including a revised Double Taxation Avoidance Convention, can be concluded as soon as possible,” said a press statement issued by ministry of external affairs.

Besides, the two ministers also discussed ways of enhancing cooperation in areas ranging from civil aviation, shipping, energy to culture.

Krishna told the visiting minister that India was of the view that North Korea should return to the six-party talks.

The South Korean minister also called on Indian Prime Minister Manmohan and Commerce Minister Anand Sharma.

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