SEOUL: Pakistan and South Korea reached a formal agreement to start Free Trade Agreement (FTA) study that would be completed within one year in accordance with the Terms of Reference (TORs) signed between Pakistan Institute of Trade and Development (PITAD) and the Korea Institute for International Economic Policy (KIEP), the respective research institutes of Pakistan and Korea.
The decision was reached in the meeting between the Minster of Commerce of Pakistan, Engr. Khurram Dastgir Khan and Korean Minister of Trade, Investment and Energy, Yoon Sang-jick, here on Wednesday.
Dastgir told his counterpart that Prime Minister Mohammad Nawaz Sharif was very keen to promote economic relations between the two countries and that the Korean traders and investors should move forward to take advantage of the favourable business climate in Pakistan.
Yoon agreeing with Dastgir’s assessment of Pakistan’s economy said that he was personally optimistic about Pakistan’s economic prospects, which would draw more investment and that he would review the role of Korean companies’ development in Pakistan power sector.
The ministers also appreciated that the inaugural session of Joint Trade Committee formed between the two countries during the visit of Prime Minister of Korea to Islamabad in April 2014 was a substantive development that would lead to broadening and deepening of economic relations between the two countries.
The Minister also held talks with the Chairman and President of Korea Exim Bank Mr. Duk-Hoon Lee and discussed with him that Exim Bank of Pakistan will also be operational very soon to facilitate Pakistani exporters.
The minister also met with Mr. Jaehong Kim, CEO of Korea Trade Investment Promotion Agency and apprised him of the opportunities that the flourishing markets of Pakistan present to the foreign investors.
