Pakistan, Korea reach formal accord to start FRA study

SEOUL: Pakistan and Korea reached a formal agreement to start an FTA study that would be completed within one year in accordance with the Terms of Reference (TORs) signed between the Pakistan Institute of Trade and Development (PITAD) and The Korea Institute for International Economic Policy (KIEP), the respective research institutes of Pakistan and Korea. The decision was reached in the meeting between the Minster of Commerce of Pakistan Engr. Khurram Dastgir Khan and Korean Minister of Trade, Investment & Energy, Yoon Sang-jick, in Seoul on Wednesday, says a press release.
Dastgir told his counterpart that Prime Minister Mohammad Nawaz Sharif was very 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’s assessment of Pakistan’s economy said that he was personally optimistic about Pakistan’s economic prospects, which would draw more investment and that he would review the role of Korean companies’ development in the Pakistan power sector.
The minister also held talks with the Chairman and President of Korea Exim Bank Duk-Hoon Lee and discussed that the Exim Bank of Pakistan will also be operational very soon to facilitate Pakistani exporters. The minister also met with Jaehong Kim, CEO of the Korea Trade Investment Promotion Agency and apprised him of the opportunities that the flourishing markets of Pakistan present to the foreign investors.