Pakistan-Korea FTA likely to be finalised by 2017

KARACHI: A free trade agreement (FTA) between Pakistan and Korea is likely to be finalised by 2017, said a Korean diplomat.
“I heard that FTA negotiation has started…the agreement may be finalised within one and a half year,” said Kim Donggi, Consul General, Embassy of the Republic of Korea, talking to journalists during a dinner late on Friday at his residence.
“The FTA will increase the bilateral trade between the two countries from the present level.”
Donggi said Pakistan has a very small share in the Korea’s annual total trade volume of $1.1 trillion.
The bilateral trade stands at around $1.7 billion with Pakistan’s exports to Korea estimated at $402 million.
To a question, he said cooperation can be increased in many areas, including information and communication technology.
“The total investment by Korea in Pakistan is about $400 million,” the envoy said.
“However, there remains much room to further our relationship, especially considering the great potential our two countries possess. In this context I hope that relationship between the two countries will rapidly broaden in near future.”
The diplomat is concerned about the security challenges in the country.
“My office is tirelessly trying to protect safety of Korean people living in Karachi and promote economic and cultural exchanges with Pakistan,” he said. “That is our mission’s important objective.” There are around 800 Koreans living in Pakistan and 12,000 Pakistanis in Korea.