South Korea Expresses Interest In Importing Duty-Free Copper From Pakistan: Ministry Of Commerce Rep Says Negotiations Are Underway

February of this year, Pakistan revealed that it has discovered major reserves of iron ore in the province of Punjab. Aside from iron ore, it has also discovered copper, silver and gold in its central province.

Prime Minister Nawaz Sharif said the discovery of major reserves will help Pakistan from its stumbling economy.

"It is Allah's blessing that under the lush green fields rich deposits of copper, iron and gold have been found, which will help the country get rid of the 'begging bowl' for good," Nawaz says, as noted by Dawn Feb. 11.

Meanwhile, South Korea has expressed its desire in importing duty-free copper from the country. Tribune forecasted Wednesday that the annual imports of South Korea is around $500 billion. 75 percent of the annual imports were carried by the Korea Importers Association (KOIMA).

"South Korea is a major importer of copper ore and it is keen to buy thousands of tons from Pakistan to produce goods for exports," KOIMA chairman Taeyong Thomas Shinn says during his visit to the Islamabad Chamber of Commerce and Industry (ICCI).

Shinn was accompanied by KOIMA director Sung Hoon Kang when he visited the ICCI.

During their visit, Shinn said that the two Asian countries have a huge potential to develop bilateral trade collaboration since South Korea lacks natural resources, while Pakistan produces a lot of raw materials.

Shinn also added that South Korea's airline is reportedly planning to start direct flights between the two countries to help in encouraging trade ties between South Korea and Pakistan.

On the other hand, ICCI senior vice president Sheikh Pervez Ahmed said Pakistan could export products such as copper and other ores, textile merchandises, as well as wheat, rice, fruits, vegetables and many other products, however, South Korea's strict procedures on sanitary and phyto-sanitary were main trade barriers for endorsing trade with the country.

Meanwhile, an official from Pakistan's Ministry of Commerce reportedly said "negotiations were under way for striking a free trade accord with South Korea." Aside from that, the official also revealed that the two countries have already tackled essential studies.