South Korea, a member of the nuclear suppliers group, had supported consensus for reopening global civil nuclear trade with India in September 2008.
India and South Korea today agreed to develop a framework for civil nuclear cooperation and decided to step up two-way trade to achieve the target of $30 billion by 2014.
The two sides signed four pacts, including one on cooperation in IT and services sector, and agreed to conclude the revised Double Taxation Avoidance Convention before the year-end as part of efforts to create a favourable environment for expansion of mutual investment.
The two countries agreed to raise their cooperation to strategic partnership level as prime minister Manmohan Singh held wide-ranging talks with South Korean president Lee Myung-Bak who is the chief guest for this year's Republic Day celebrations.
During the talks, the two leaders "agreed to facilitate development of a framework for bilateral civil nuclear cooperation," said a joint statement.
They "shared the view that nuclear energy can play an important role as a safe, sustainable and non-polluting source of energy," it said.
South Korea is keen to forge cooperation in this field, with its President underlining that the country had expertise and the collaboration would be "productive".
During his discussions with Singh, Lee emphasised the competitiveness that South Korean companies have in the civil nuclear field.
South Korea is a member of Nuclear Suppliers Group and had supported waiver for India at the meeting of 45-nation grouping in September 2008. After the talks, the two sides signed four pacts. These are Agreement on Transfer of Sentenced Prisoners, MoU on cooperation in IT and Services, MoU on Peaceful Uses of Outer Space and a Programme of Cooperation in Science and Technology from 2010-12.
The joint statement said Singh and Lee decided to enhance bilateral ties to the level of strategic partnership, under which the Foreign Policy and Security Dialogue would be raised to the level of vice foreign minister from Korean side and secretary (East) in the external affairs ministry on the Indian side.
The first meeting of the upgraded dialogue will be held this year.
The two sides also agreed to strengthen dialogue and exchanges in the area of defence through regular high-level military exchanges.
They agreed to explore the possibilities of joint venture cooperation in research and development, manufacture of military equipment including through transfer of technology and co-production, the joint statement said.
In the field of economic and trade cooperation, the two countries agreed to set a target of $30 billion for bilateral trade to be achieved by 2014.
They also agreed to conclude the revised Double Taxation Avoidance Convention before the year-end as part of efforts to create a favourable environment for expansion of mutual investment.
India and South Korea operationalised from January one the Comprehensive Economic Partnership Agreement (CEPA) which is expected to enhance economic ties.
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