ISLAMABAD: Pakistan and Korea have formally reached an understanding to start a Free Trade Agreement (FTA) study that would be completed within one year.
The agreement was reached 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) along the respective research institutes of Pakistan and Korea.
The decision was reached in the meeting between Federal Minster of Commerce Khurram Dastgir Khan and Korean Minister of Trade, Investment and Energy Yoon Sang-jick in Seoul on Wednesday, said a statement issued by the Ministry of Commerce.
Dastgir told his counterpart that Prime Minister Mohammad Nawaz Sharif was 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, said he was personally optimistic about Pakistan’s economic prospects, which would draw more investment. He would also review the role of Korean companies’ development in Pakistan power sector.
The ministers also appreciated the inaugural session of the Joint Trade Committee formed during the visit of Prime Minister of Korea to Islamabad in April 2014 and said that it was a substantive development.
Dastgir also held talks with the chairman and president of Korea Exim Bank Duk-Hoon Lee and Korea Trade Investment Promotion Agency CEO Jaehong Kim.
Published in The Express Tribune, July 9th, 2015.
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