1. Vice Foreign Minister Lim Sung-nam visited New Delhi, India, on June 5 and 6, during which he met with Secretary (West) Ruchi Ghanashyam of the Indian Ministry of External Affairs for an in-depth discussion on ways to step up substantive cooperation in such sectors as trade, investment and infrastructure; ways to conduct a future-oriented cooperation in responding to the fourth industrial revolution; ways to put in high gear high-level consultative mechanisms and to boost people-to-people and cultural exchanges; and issues concerning the Korean Peninsula and other parts of the world.

2. The two sides drew a common understanding that in order to better fulfill the potential in bilateral trade and investment and to better drive economic growth, the Republic of Korea and India should move rapidly forward with the currently ongoing negotiations to improve the bilateral Comprehensive Economic Partnership Agreement (CEPA). To that end, they agreed to work together to produce early results in the areas the two countries can expedite agreement in.

※ The two countries have been in negotiations since June 2016 to improve the bilateral CEPA and to draw early results.

° Vice Minister Lim asked the Indian government to pay attention to Korean companies operating in India so as to prevent their operations from being dampened by its frequent implementation of import regulatory measures; and hailed the progress in the discussions on the possibility of setting up a regularly convened cooperative mechanism on trade remedy and on other ways to boost and facilitate trade.

° As a way for the two countries to take a fresh leap forward in economic cooperation, the two sides agreed to work closely together toward progress in the consultations on smart city, power generation and other infrastructure development projects in India, as well as on the $10 bln financial package for those projects.

※ The two countries are consulting with each other on the development of such forms of infrastructure as smart cities, power plants, railroads, roads and ports, as well as on the envisioned $10 bln financial package to be offered to India for that project as agreed by the leaders of the two countries in May 2015.

- The financial package will consist of $1 bln from the Economic Development Cooperation Fund coffers and another $9 bln in export financing.

° The two sides exchanged views on ways to work together to seek smooth progress in various projects designed to facilitate Korean startups’ presence in Indian and robust exchanges between the two countries’ enterprises; and ways to boost substantive cooperation in such areas as ports, fisheries, agriculture, environment and official development assistance (ODA).

3. The two sides drew a common understanding that in a bid to respond to the fourth industrial revolution and prepare for the future together, the two countries should broaden the scope of the relations by conducting new, future-oriented cooperation projects. To that end, they agreed to work more closely together in such new fields as information and communications technology (ICT), Internet of Things (IoT), cyber security, and artificial intelligence (AI); and to support efforts to move forward with various projects related to joint studies in science and technology.

4. The two sides agreed to hold the ninth meeting of the foreign ministerial joint committee and the first vice foreign and defense ministerial meeting (2+2), and put in high gear other high-level consultative mechanisms, and thereby to further reinforce the foundation of strategic cooperation on political affairs and security. They also agreed to cooperate toward the success of various forms of people-to-people exchanges and cultural cooperation projects in a bid to strengthen the grass-roots basis of bilateral cooperation.

5. Vice Minister Lim shared with his Indian counterpart the outcome of the recent inter-Korean summit talks and the other progress in the inter-Korean relations as well as the situation on the Korean Peninsula. He extended appreciation to the Indian government for its support for the ROK government’s work toward a complete denuclearization and peace on the Korean Peninsula, voicing hope for the Indian government’s further cooperation.

° The Indian side expressed strong support for the ROK government’s policy for peace on the Korean Peninsula, adding that cooperation will be extended as necessary.

6. India is one of the ROK’s main partners for diplomatic diversification and in implementing its New Southern Policy; and a country that shares with the ROK such core values as democracy and liberal market economy, and is emerging as a global growth engine. Vice Minister Lim’s visit to the country is seen to have helped to increase substantive cooperation in a broad range of sectors; to seek substantial progress in the “special strategic partnership” forged in May 2015; and to broaden the scope of bilateral cooperation to include new, future-oriented fields.

* unofficial translation