Country Partnership Strategy: Pakistan seeks free trade agreement with South Korea

Nawaz wants trade with Korea to be increased from the 2012 levels of $1.6 billion.

ISLAMABAD: Prime Minister Nawaz Sharif proposed a free trade agreement to South Korean Prime Minister Chung Hongwon during their meeting in Islamabad on Monday as both countries signed two Memorandum of Understandings (MOU) on trade, industry and energy.

It is my government’s resolve to strengthen and expand relations with the Republic of Korea in all fields, Nawaz said.

Hongwon during their one-on-one meeting said that Pakistan and Korea should expand their trade, economy and energy sectors and enhance bilateral relations by increasing personnel exchanges in the private sector.

A press release from the Prime Minister’s office stated that the premier had proposed a comprehensive free trade agreement that aims to boost trade between the two countries beyond the 2012 level of $1.6 billion.

Nawaz also appreciated  the ‘Joint Business Forum’ organised by Korea Trade Investment Promotion Agency (KOTRA) and the Pakistan Board of Investment and expressed hope that as a result Korean companies would engage in the energy, infrastructure development, railways and telecommunication sectors in Pakistan. Citing the Lahore-Islamabad Motorway, he stressed upon the need to prepare a Country Partnership Strategy between the two countries for the next three years.

The premier highlighted the various investment opportunities for Korean businesses in Pakistan especially in the energy sectors of hydel, wind, solar, biomass and coal power generation.

The Gaddani Power Park and the Quaid-e-Azam Solar Park initiatives and the construction of off-shore and on-shore LNG terminals were also highlighted. The premier also invited Korean financial institutions to start operations in Pakistan.

Nawaz thanked the Korean government for hosting 900 Pakistani students and expressed the hope for of further scholarships being offered to Pakistani students.

Prime Minister Nawaz Sharif headed a delegation-level meeting with Republic of Korea Prime Minister Chung Hongwon at the PM House, which included the Korean Ambassador to Pakistan Dr Song Jong-hwan, Korean vice Minister for Foreign Affairs Cho Taeyul, Korean vice Minister for Trade and Energy Han Jinhyun, Minister for Commerce Engineer Khurram Dastagir, Minister for Planning Ahsan Iqbal, and Advisor to PM on National Security Sartaj Aziz among others.