1. Vice Minister of Foreign Affairs Cho Hyun held the 5^th Republic of Korea-Swiss Confederation Policy Consultation with Pascale Baeriswyl, State Secretary of the Federal Department of Foreign Affairs of Switzerland, in Seoul on the morning of May 17. In the Consultation, the two sides extensively discussed the ROK-Switzerland relations and ways to strengthen substantive cooperation; cooperation on the international stage and on global issues; and the situations on the Korean Peninsula and in Europe.

2. Vice Minister Cho and State Secretary Baeriswyl shared the view that since the establishment of diplomatic relations in 1963, the two countries have developed close relations, and took note of the high-level exchanges that are continuing, including the bilateral summit in Seoul on February 8 last year.

3. They also noted with appreciation that economic and financial cooperation is increasing between the two countries through the entry into force of the ROK-European Free Trade Association (EFTA) FTA in 2006, as well as the conclusion of the ROK-Switzerland currency swap agreement (worth 11.2 trillion won) in February 2018.

4. Vice Minister Cho explained the current situation on the Korean Peninsula, and requested Switzerland’s continued support for the ROK’s North Korea policy. State Secretary Baeriswyl commended the ROK government’s efforts towards peace and stability on the Korean Peninsula, and said that her country would continue to closely work together with the ROK.

5. In addition, the Vice Minister and the State Secretary noted the close cooperation underway between the two countries on global issues, including human rights, climate change and environment, and agreed to continue to step up cooperation on the global stage, including the United Nations (UN).

6. On the occasion of the Policy Consultation, they signed “the Protocol Amending the Convention between the Republic of Korea and Switzerland for the Avoidance of Double Taxation with Respect to Taxes on Income.” The amendment came to have the OECD’s recent discussions reflected in the Convention signed in 1980 and amended in 2010, and thereby prevent tax avoidance through treaty abuse. The Protocol will enter into force after the completion of necessary procedures of the two countries, such as national assembly’s consent and parliamentary approval to its ratification.

7. On the afternoon of the same day, Vice Minister Cho attended the opening ceremony of the new Swiss Embassy building in the ROK, and delivered congratulatory remarks.

8. The 5^th Policy Consultation served as an opportunity to advance the friendly and cooperative relations with Switzerland, which has developed close relations with the ROK since the establishment of diplomatic ties in 1963, and is contributing to peace and stability on the Korean Peninsula.

* unofficial translation