South Korea will begin negotiations for an Economic Partnership Agreement(EPA) with Pakistan, the second-largest market in South Asia.

According to the Ministry of Trade, Industry and Energy, Trade Minister Cheong In-kyo and his Pakistani counterpart, Jam Kamal Khan, announced the start of the talks at a hotel in Seoul on Thursday morning. 

An EPA is narrower in scope than a traditional free trade agreement and focuses on establishing a mutually beneficial trade network between partner nations.

The ministry predicted that the EPA will expand trade and investment between the two countries, thus helping South Korea secure potential markets and contributing to Pakistan’s steady economic growth.

The EPA is expected to greatly increase opportunities for the two countries to cooperate on digital technology and information technology, as well as in the automotive sector.