India and South Korea today discussed the possibility of revising Double taxation avoidance convention (DTAC) at a high level meeting between Finance Minister P Chidambaram and his counterpart Jaewan Bahk.

The meeting, which took place yesterday in the South Korean capital of Seoul, discussed expanding information sharing between the taxation authorities and cooperation in modernising the customs system of both nations. It also discussed public procurement cooperation and measures to develop co-financing infrastructure projects, an official statement said.

The bilateral meeting between the Finance Ministers is expected to further strengthen this relationship, increase mutual cooperation, and lead to increased investment opportunities in the two countries, it said.Minister of Strategy and Finance of South Korea Jaewan Bahk also talked about macro-economic trends and outlook, withChidambaram during the third bilateral meeting.

AIR correspondent reports that the cooperation between the two countries covers all areas of bilateral relations, including political, economic and commercial, defence, information technology, science and technology and cultural exchange, it added.