Free Trade Agreement negotiations between Pakistan and Korea likely to start in 1st quarter of next year: Khurram Dastagir

Islamabad, September 21, 2016 (PPI-OT): The Ambassador of the Republic of Korea H.E. Dr. Dong-gu-Suh called on Engr. Khurram Dastagir Khan, Federal Minister for Commerce today in his office. Matters of mutual interest and promotion of bilateral trade and commerce were discussed in the meeting.

The minister informed Ambassador about the progress on the Free Trade Agreement and submitted that during his visit to Seoul in previous year, both the countries agreed to conduct Research Studies on feasibility of FTA.

The studies have been completed in both the countries and recommendations have been sent to their respective governments and FTA negotiations between the two countries are likely to commence in the 1st quarter of next year. Currently bilateral trade between the two countries is around US$1.1 billion and both sides expressed interest to further promote trade and investment relationship between the two countries.

The minister further said that this agreement is part of series of agreements like FTA with Malaysia and Thailand and Preferential Trade Agreement with Indonesia, all stemming out of the progressive vision of the Nawaz Sharif government i-e East Asia outreach. The ambassador appreciated the efforts of commerce minister and the steps being taken towards promotion of Trade and Commerce and showed willingness to step up the cooperation in this regard.

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