The possibility of revising the double taxation avoidance convention (DTAC) that India has with South Korea came up for discussion at a high-level meeting between Finance Minister P. Chidambaram and his counterpart Jaewan Bahk in Seoul on Friday.
According to a Finance Ministry statement here, the two ministers and their delegations at the third India-Korea bilateral meeting discussed a wide range of issues ranging from macroeconomic trends and outlook, fiscal cooperation, revision of the DTAC and expanding mutual information sharing between the taxation authorities to cooperation in modernising the customs system of each country. They also deliberated on public procurement cooperation and measures to develop co-financing infrastructure projects.
Bilateral meeting
“The bilateral meeting is expected to further strengthen this relationship, increase mutual cooperation, and lead to increased investment opportunities in the two countries,” the statement said.
While 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 statement said that the cooperation between the two countries covers all areas of bilateral relations, namely political, economic and commercial, defence, information technology, science and technology and cultural exchange.