Pakistan, Korea to explore possibility of FTA
Associated Press of Pakistan | 15 Aug 2008
Pakistan, Korea to explore possibility of FTA
ISLAMABAD, Aug 15 (APP): Pakistan and the Republic of Korea will explore the possibility of concluding a Free Trade Agreement (FTA), exchange trade delegations and participate in exhibitions and trade fairs. This was agreed during the Seventh Round of Bilateral Policy Consultations between Pakistan and the Republic of Korea held here on Friday.
The Korean delegation was led by First Vice Minister for Foreign Affairs and Trade, Kwon Jong-rak, while Pakistan side was led by Acting Foreign Secretary, Khalid Aziz Babar.
According to a foreign office statement issues here, the two sides reviewed the entire gamut of bilateral relations and expressed satisfaction over their growth since the establishment of diplomatic ties in 1983.
Pakistan and the Republic of Korea are celebrating the Silver Jubilee this year of the establishment of their diplomatic ties and have planned several activities to mark the occasion.
The Korean Vice Minister felicitated the new democratic government in Pakistan on assumption of office.
Both sides agreed to intensify contacts between the two parliaments and political parties. The two countries are also considering to establish sister-city relationships.
It was noted that bilateral trade between the two countries had increased eight times since 1983 and crossed the figure of US $ 1 billion.
Pakistan side raised the issue of trade imbalance and modalities of export of Pakistani fruit and vegetables to Korea and identified energy, agriculture, fisheries, textiles, leather, IT, telecommunications and infrastructure development as possible areas for joint ventures and investments.
Pakistan side also offered to meet manpower requirements of Korea.
Both sides also discussed the regional and international issues including the situation in South Asia and the Korean Peninsula.
Pakistan and the Republic of Korea enjoy cordial and friendly relations.
The two countries have a comprehensive framework for bilateral cooperation in the form of a Joint Economic Commission, Annual Policy Dialogue and about 27 Agreements and Treaties. Korea extends development assistance to Pakistan under its ODA programme.
