S Korea, India hold annual cooperation talks

South Korean Foreign Minister Yu Myung-hwan on Friday met with his Indian counterpart SM Krishna for the sixth meeting of the joint commission to discuss a wide range of issues, including expansion of economic, defense and cultural ties between the two countries.

With gradual progress seen in terms of civilian nuclear cooperation, South Korea and India agreed to launch working-level talks to forge a nuclear power cooperation pact, the Ministry of Foreign Affairs said.

The two ministers assessed that a Comprehensive Economic Partnership Agreement (CEPA), signed in August 2009, has been successfully practiced, leading to a 70 percent increase in trading volume over the last four months since the agreement came into effect. They were certain that a bilateral trade target of 30 billion U.S. dollars is achievable by 2014.

Moreover, the two countries vowed to closely work together to give a further boost to regional cooperation organizations, while promising extended collaboration on the international stage.

The latest joint commission marks the first meeting between the two countries after their relations advanced to a level of strategic partnership when South Korean President Lee Myung-bak made an official visit to India in January.

Source: Xinhua