India and South Korea signed a Memorandum of Understanding (MoU) on Digital Signatures for facilitating the effective and efficient paperless Bilateral Trade and Commerce.
It was signed in the presence of Kapil Sibal, Minister for Communications and Information Technology and Mun-kee Choi, Minister for Science, ICT and Future Planning, Republic of Korea. It was signed between the Controller of Certifying Authorities, Ministry of Communications and IT, Government of India and the Korea Internet & Security Agency, Ministry of Science, ICT and Future Planning, Republic of Korea.
Digital signatures are being widely used in India and South Korea for various domestic applications relating to e-Governance, e-Trade, e-COO (Certificate of Origin), e-Tendering/ e-Procurement, e-IPO (Intellectual Property Office), e-Income Tax, e-Banking, e-Company Registration and Administration, e-Mail signing, encryption, etc. However, a Certifying Authority recognised in Republic of Korea is currently not recognised in India and vice-versa. Hence, Digital Signatures created under regulatory regime in Republic of Korea are not recognised as legally valid in India and vice-versa. This causes impediment to the best practices of International Trade and Commerce.
The MoU will see co-operation between the two countries which will finally lead to mutual recognition of digitally signed documents. This arrangement will further boost bilateral trade between the two countries and pave way for similar landmark Multilateral/ Bilateral arrangements.