Potential Pakistan-South Korea Free Trade Agreement – Options for Pakistan

Abstract

The Regional connectivity is an important element of the recently unveiled Vision 2025 of the government of Pakistan. Pakistan considers regional trade an important component for economic growth. After shifting from import substitution policies towards economic liberalism in the 1990s, Pakistan made a determined effort to diversify its trade and discover new markets and capital sources in the East Asian region. The prime objective of the country’s core economic policy for East Asia namely, “Pakistan’s Vision East Asia,” is to strengthen mutual trade and investment relations with Southeast Asian countries. The Pakistan-South Korea FTA is a vital part of a series of trade agreements all stemming out of this East Asia outreach policy. A free trade agreement with South Korea would be of significance to Pakistan because South Korea is swiftly industrializing with comparatively higher economic growth and has accomplished rapid technological advancement in the region.