Press Information Bureau

Government of India

Ministry of Finance

03-November-2012 15:46 IST

The Finance Minister of India, Shri P. Chidambaram and the Minister of Strategy and Finance of the Republic of Korea, Mr. Jaewan Bahk met in Seoul, South Korea yesterday for their 3rd Bilateral Meeting. The two ministers and their delegations discussed a wide range of issues ranging from macro-economic trends and outlook, fiscal cooperation, revision of the Double taxation avoidance convention (DTAC), expanding information sharing between the taxation authorities, cooperation in modernising the customs system of each country, public procurement cooperation and measures to develop co-financing infrastructure projects. The first bilateral meeting of Finance Ministers of India and South Korea was held in Seoul in September 2006 and the second meeting in New Delhi in January 2011.

India-Korea relations rest on deep historical ties based on a strong foundation of shared cultural heritage, commitment to democracy and desire to establish a long-term cooperative partnership. The cooperation between the two countries covers all areas of bilateral relations, namely political, economic and commercial, defence, information technology, science and technology, cultural exchange, etc. The bilateral meeting between the finance ministers is expected to further strengthen this relationship, increase mutual cooperation, and lead to increased investment opportunities in the two countries.

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DSM/RS

Revision of double taxation avoidance treaties to enhance fiscal cooperation and expand tax information sharing between authorities. Discussions prioritized strengthening fiscal cooperation via revision of the Double Taxation Avoidance Convention and expanding tax information sharing between authorities, alongside customs modernisation, public procurement cooperation, and measures to develop co-financing frameworks for cross-border infrastructure projects to enhance bilateral investment and trade facilitation.