Pakistan, Korea to initiate joint study towards FTA: FPCCI

KARACHI (NNI): Zakaria Usman, President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI) led a trade delegation to South Korea from August 25 -27.

The trade delegation included Vice Presidents of FPCCI Mian Mahmood Ahmad, Mr. Ismail Suttar, Syed Mazhar Ali and Mr. Sohail Nisar Churra, Mr. Shahid Hamid Jafri, Mr. Muhammad Faisal and Mr. Amin Khatri.

The President and his delegation held meetings with senior management of  Korea Chamber of Commerce and Industry (KCCI), Korea Importers Association (KOIMA), Korea International Trade Association (KITA) in Seoul on 26-27 August 2014. Mr. Zakaria Usman underscored the strength of Pakistan economy and sourcing solutions available for Korean importers from Pakistan. He said that the bilateral trade potential between Korea and Pakistan is huge.

The current level of bilateral trade needs to be raised for enhanced economic cooperation between the two countries. In his discussion with Korea trade bodies he said this is only possible if a trading arrangement is reached between the two countries. He stressed that Korea should offer Pakistan a better market access as available to Pakistani competitors.

He said that during the visit of Korean Prime Minister to Pakistan in April 2014 an MoU was signed between Ministry of Commerce Pakistan and the Korean Ministry of Trade, Industry and Energy (MOTIE) on cooperation  in  Trade and Investment which   has provided a framework to proceed towards an FTA. He impressed upon the need to initiate first step towards an FTA  i.e. joint study on the feasibility of FTA between the two countries.

In his media interaction with Mael Economic daily, Korea Post and Korea Herald, he urged Korean companies to invest in sectors like energy, chemicals, infrastructure, minerals and manufacturing. He enumerated that Pakistan is an irresistible geo-strategic location, a huge domestic market, positive economic outlook, protective investment policies and special economic zones, the temptation of which prospective Korean investors could hardly resist.



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