India and Korea today agreed to make efforts to expeditiously conclude the revision of double taxation avoidance pact and enhancing trade.
“Both sides agreed to make an effort to conclude the revision of the Korea-India Double Taxation Avoidance Convention (DTAC) expeditiously after reviewing their respective positions on major pending issues for the revision,” according to the minutes of the Fourth India-Korea Finance Ministerial Meeting.
It was attended by Finance Minister P Chidambaram and Korean Deputy Prime Minister and Minister of Strategy and Finance Hyun Oh Seok.
Both the nations agreed to consider issuing licences for establishing bank branches and offices in each other's country, said the minutes.
They agreed on the need for cooperation in financial supervision as well as discussing and concluding an MOU on financial supervision between the RBI and the Financial Services Commission, Korea.
The two countries underscored the need to evolve a vision for medium and long-term cooperation between them for systematic and close bilateral cooperation. They agreed that identified research institutes of the two countries would jointly discuss this subject.