ISLAMABAD, Sep 21 (APP): Minister for Commerce, Engr. Khurram Dastgir Khan said on Wednesday that the Free Trade Agreement (FTA) negotiations between the two countries were likely to commence in the first quarter of the year 2017.
Talking to Ambassador of the Republic of Korea Dr. Dong-gu-Suh who called on him here, the minister informed that during his visit to Seoul 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”, he added.
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 was 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.