Talks begin for economic partnership with South Korea

South Korea’s Trade Minister Inkyo Cheong has outlined an ambitious plan to relocate Korea’s industrial base from its Northeast Asian neighbours to Pakistan following the signing of the Economic Part­nership Agreement (EPA) between the two countries. The disclosure came during a high-level ceremony held on Thursday in Seoul where Commerce Minister Jam Kamal Khan and the Korean minister signed a joint declaration to commence formal negotiations for reaching EPA. The declaration reflects the two countries’ commitment to expanding trade, investment, and economic partnership. An official announcement of the commerce ministry said that the EPA seeks to build on the longstanding diplomatic ties between the two countries, established in 1983, and promote mutually beneficial trade in goods and services, economic cooperation, and supply chain resilience. The agreement will align with World Trade Organisation principles and is expected to be a cornerstone of bilateral relations moving forward.