India and Korea will soon commence negotiations on forging a nuclear energy cooperation pact even as the two countries Friday inked three accords to
enhance economic and cultural ties in Seoul.
Indian External Affairs Minister S M Krishna,
currently on an official visit there, co-chaired the 6th meeting of India-ROK Joint Commission along with his Korean counterpart Yu Myung- Hwan, where two ministers agreed to launch negotiations for the conclusion of an Inter-Governmental Agreement on Peaceful Uses of Nuclear Energy.
"Noting that the two sides had already exchanged drafts of an Inter-Governmental Agreement on Peaceful Uses of Nuclear Energy, the two ministers agreed to launch negotiations between the two countries, at an early date, for the conclusion of such an agreement," an official statement said here.
The two countries also signed three MoUs, including one on Cooperation in the field of Small and Medium Enterprises. Cooperation between ICCR and Korea Foundation, and that between Indian Council for World Affairs (ICWA) and
the Institute for Foreign Affairs and National Security (IFANS) of the RoK formed the other areas of the MoUs.
The two ministers discussed ways to enhance bilateral defence and security cooperation including through expanded naval cooperation in anti-piracy operations in the Indian Ocean.
Krishna proposed establishment of the dedicated Joint Science & Technology Fund of USD 10 million (with a contribution of USD 5 million by each side) to promote joint research between scientists and technologists of the two
countries.
He underscored the importance of implementation of the MoU on Cooperation in the Peaceful Uses of Outer Space, including through the launch of Korean satellites by Indian
rockets.
Noting that bilateral trade has jumped by a robust 70 per cent in the first four months of the year, the statement said this trend was expected to continue over the coming months, providing confidence that the trade target of USD 30 billion by 2014 could be achieved.
"My visit is aimed at consolidating and expanding our ever closer ties... I have been able to call on President Lee and hold wide-ranging, intense and fruitful discussions with Foreign Minister Yu Myung-Hwan," Krishna said while addressing a gathering at IFANS on strengthening India-ROK strategic partnership.