Press Release

Visit of FM of Republic of Korea to India

23/06/2009

1.The Minister of Foreign Affairs and Trade of the Republic of Korea, His Excellency Mr. Yu Myung-hwan, paid an official visit to India on 23rd June 2009. He held delegation level talks with the External Affairs Minister. He also called on the Prime Minister and had a separate meeting with the Minister of Commerce and Industry.

2. During the official talks, the External Affairs Minister and the Minister of Foreign Affairs and Trade of the ROK reviewed the state of bilateral relations in a warm and cordial atmosphere. The two sides also reiterated their commitment to further strengthening the Long-term Cooperative Partnership for Peace and Prosperity that was established between the two countries in 2004.

3. They agreed on the importance of having regular high level political level contacts and exchanges, and discussed proposals in this regard. The two Ministers also emphasized that the official dialogue mechanisms established by the two sides should continue to meet on a regular basis. They also discussed economic and commercial relations between India and the ROK, and expressed their happiness that the two sides are close to concluding a bilateral Comprehensive Economic Partnership Agreement, which will give a further boost to the expanding economic partnership between the two countries.

4. The ROK Foreign Minister expressed happiness at the steady expansion of bilateral trade (US$ 15 billion according to Korean Customs Statistics), and also said that a growing number of Korean companies are looking at investing in India. The External Affairs Minister welcomed Korean investment in India. He conveyed that 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. The two Ministers also discussed ways of enhancing functional cooperation between India and ROK, including in civil aviation, shipping, energy and culture.

5. The two sides exchanged views on regional and international issues of mutual concern and importance. The Korean Foreign Minister briefed External Affairs Minister about the situation in the Korean peninsula. The two Ministers shared the view that it is important for the DPRK to return to the Six-Party Talks. The External Affairs Minister also briefed the ROK Foreign Minister on the situation in India’s neighbourhood.

6. H.E. Mr. Yu Myung-hwan has extended an invitation to External Affairs Minister to visit Republic of Korea at a mutually convenient time. The External Affairs Minister has accepted the invitation. The dates will be worked out through the normal diplomatic channels.

New Delhi
June 23, 2009