The agreement was signed by Indian Minister of Shipping, Shri Nitin Gadkari, and his Korean counterpart, Kim Young-choon, at a ceremony in Busan, on 10 April, on the sidelines of the Indian Minister's four day visit to Korea.

Speaking on the occasion, Mr. Shri Gadkari said that the signing of the agreement will benefit both countries: Korean entities own more than 500 foreign going ships and need seafarers to work on their fleet, while India has around 1,54,349 seafarers. As such, the agreement is expected to open up employment opportunities for Indian seafarers on Korean ships.

Mr. Shri Gadkari’s visit is aimed at strengthening the bilateral cooperation between the two countries in shipping, ports, inland waterways, highways, river interlinking and infrastructure sectors.