ISLAMABAD, Aug 16: Pakistan and the Republic of Korea have decided to explore new avenues of cooperation as they celebrate the silver jubilee of their diplomatic ties.

Delegations of the two countries at the seventh round of Bilateral Policy Consultations here on Friday also agreed to explore the opportunity for a Free Trade Agreement.

The Korean delegation was led by First Vice Minister for Foreign Affairs and Trade Kwon Jong-rak and the Pakistani side by Acting Foreign Secretary Khalid Aziz Babar.

The talks focussed on ways of cementing cooperation in diplomacy, economics, trade and a number of other new areas. The two sides also exchanged views on regional and international security scenario, including the situation in South Asia and the Korean Peninsula.

It was noted that trade between Pakistan and South Korea had increased eight times since 1983, when the two countries established diplomatic ties, and crossed the figure of $1 billion.

An official said the delegations agreed on exploring the possibility of concluding a Free Trade Agreement, exchanging trade delegations and participating in exhibitions and trade fairs.

Pakistan raised the issue of trade imbalance and modalities of export of Pakistani fruit and vegetables to Korea.

The new areas of cooperation identified during the talks include joint ventures and investments in energy, education, agriculture, fisheries, textiles, leather, IT and telecommunications sectors and infrastructure development.

Pakistan, which has already signed an MoU with Korea for the export of workforce, offered to meet manpower requirements of Korea. The two sides also agreed to establish sister cities and promote political contacts.