Pakistan and South Korea hold talks on free trade agreement

Pakistan and South Korea official delegations urge to expand the bilateral trade and investment linkages

Pakistan and South Korea agreed to hold further consultations on the proposed Free Trade Agreement (FTA) to boost bilateral trade and promote free trade between the two countries.

The agreement was reached during the 3rd round of the meeting of the Joint Trade Committee (JTC) held virtually. During the meeting, both sides agreed to enhance cooperation to explore the true potential of bilateral trade.

The FTA was first was proposed by Pakistan during trade negotiations between the two countries in Seoul.

The third round of JTC online session was attended by the officials of the Ministry of Commerce (MoC), Pakistan, and the Ministry of Trade, Industry and Energy (MOTIE), South Korea.

Both delegations urged to expand the bilateral trade and investment linkages between the two countries. The Korean official request the Pakistan side to resolve the corporate issues faced by Korean companies in Pakistan. The Pakistan delegation assured complete facilitation to Korean companies in the resolution of outstanding issues.

The Pakistani delegation was led by Muhammad Humair Karim of Ministry of Commerce (MoC), along with other stakeholders, including Board of Investment, FBR, Ministry of Water and Power, Ministry of Industries and Production, Ministry of Federal Education and Professional Training, Trade Development Authority Pakistan and the Government of Khyber Pakhtunkhwa.

The Korean delegation was led by Chun Yoonjong, DG International Trade Relations, Ministry of Trade, Industry and Energy. Meanwhile, Suh Sangpyo, South Korean Ambassador to Pakistan, and Mumtaz Zahra Baloch, Pakistan’s Ambassador to South Korea, also attended the discussion.

Pakistani officials informed the Korean delegation about attractive investment opportunities in Pakistan, citing the success of Korean automobile companies in Pakistan.

The newly-approved cellular and Electric Vehicle (EV) policies were also highlighted during the meeting as the government is offering attractive incentives for investment in these sectors.

The two sides also emphasized cooperation in the field of textile research and building capacity of human resources through the Korea International Cooperation Agency (KOICA) programs.

The delegates also agreed to expand cooperation between the Trade Development Authority of Pakistan (TDAP) and Korea Trade-Investment Promotion Agency (KOTRA) through an MOU between two institutions for trade facilitation and trade promotion.

The next Pakistan and South Korea JTC meeting would be held in the year 2022.

Salma Khan
Salma writes on topics ranging from education to technology to business. She can be reached at Twitter and Facebook.

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