Seoul: Heralding a new dimension in bilateral ties, India and South Korea today (Dec 16, 2004) finalised modalities of a security dialogue and agreed to enhance Defence cooperation.

The two sides outlined a detailed action plan for further consolidating bilateral cooperation in diverse spheres.

The talks were held between the visiting Indian External Affairs Minister K Natwar Singh and the Korean leaders.

The first meeting of the security dialogue will be held in January. The two sides have firmed up a Memorandum of Understanding (MoU) on Defence, industry and logistics.

It has also been agreed in principle to conclude an MoU on cooperation between the coastguards of the two countries.

The two sides have finalised an agreement for exemption of visas for diplomatic and official passport holders.

Commending the Indian initiative on the vision of Asian Economic Community, Seoul agreed to take part in a workshop being convened in India in the first quarter of next year to develop a concept paper on this subject.