South Korea and Pakistan on Thursday agreed to begin negotiations for an Economic Partnership Agreement (EPA) aimed at expanding their bilateral trade portfolio, the trade ministry said.
Trade Minister Cheong In-kyo announced the start of the talks during a meeting with his Pakistani counterpart, Jam Kamal Khan, in Seoul, according to the Ministry of Trade, Industry and Energy.
An EPA aims to establish a mutually beneficial trade network with partner nations. It goes beyond simple market opening. However, it covers a smaller scope compared to a traditional free trade agreement.
“Pakistan is a major market in Southwest Asia with the world’s fifth-largest population, rich labor forces and abundant natural resources,” the industry ministry said. “It is also located in a geographically significant region, neighboring China and India.”
The industry ministry added that South Korea expects the envisioned EPA to expand cooperation with Pakistan. The areas of cooperation include digital technology, information technology, and the automobile sector.
“South Korea will continue to expand its trade network with emerging markets this year,” Cheong said.
In November, South Korea also agreed to begin negotiations for an EPA with Bangladesh.
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This news is sourced from [Korean Herald] and is for informational purposes only.
