SLAMABAD: (APP) Free Trade Agreement with South Korea in Pipeline
Government is taking concrete measures to ink Free Trade Agreement (FTA) with South Korea and negotiations started by December, Minister for Commerce Khurram Dastagir Khan said Friday.
Responding to questions of Senators, he said Pakistan Institute of Trade and Development (PITAD) and Korean Institute of Economic Planning (KIEP) are conducting a joint feasibility study regarding FTA between the two countries. The study is likely to be completed by June, 2016.
The volume of trade between Pakistan and Korea was $ 1.118 billion in 20111-12 which stood at $ 1.009 billion in 2014-15.It shows a decrease of 18 percent. This decrease in bilateral trade is due to contraction of imports from Korea particularly road vehicles and their parts dyeing and tanning materials and synthetic textiles etc.
To increase bilateral trade a Memorandum of Understanding (MoU) was signed with Korea to formulate Joint Trade committee (JTC) to discuss trade related matters.JTC was formed in June 2015 in Seoul, South Korea. Both sides discussed various proposals for enhancing trade between the two countries. Issues related to telecom and electronics would be included in the next JTC meeting.
Total trade volume between Korea and Pakistan included $1087 million in 2010-11, $1,18 million in 2011-12, 1,155 million in 2012-13, $1076 million in 2013-14 and $ 1,009 million in 2014-15.