Pakistan and South Korea today pledged to fast-track negotiations on a Comprehensive Economic Partnership Agreement (CEPA) and committed to enhancing bilateral trade and investment collaboration. This significant development followed a virtual meeting between Pakistan”s Federal Minister for Commerce, Jam Kamal Khan, and South Korea”s Trade Minister, Yeo Han-koo, on Friday.
South Korean Trade Minister Yeo Han-koo commenced the discussions by commending Pakistan”s pivotal role in fostering peace amidst the ongoing Middle East situation. He stated that Pakistan”s endeavours for peace benefit the entire world, not solely the involved nations. Mr. Han-koo also reflected positively on his past visits to Pakistan, including Lahore, praising the country”s hospitality and inherent potential.
In response, Minister Jam Kamal Khan expressed appreciation for the acknowledgement, reiterating Pakistan”s commitment as a responsible state in facilitating dialogue and promoting stability. He voiced optimism that these ongoing efforts would lead to regional stability, which is crucial for global trade, energy markets, and economic connectivity.
Both sides engaged in thorough discussions regarding the ongoing CEPA negotiations. They concurred on the necessity to expedite technical engagements, aiming to finalise the accord within a mutually agreed timeline. The ministers stressed that the forthcoming agreement should be ambitious, balanced, and accurately reflect their respective economic landscapes.
Minister Khan highlighted Pakistan’s considerable economic prospects across various sectors, including agriculture, mineral extraction, textiles, pharmaceuticals, surgical instruments, and sports merchandise. He underscored the importance of diversifying trade alliances, noting that evolving global dynamics necessitate exploring new markets and building robust economic ties. He reiterated Pakistan’s strategic position as a potential conduit to Central Asia and Africa.
The South Korean Trade Minister observed that numerous Korean enterprises are eager to invest in Pakistan, perceiving it as a secure and promising destination, particularly within the manufacturing and energy sectors. He emphasised that a structured framework, such as CEPA, would further bolster investor confidence and facilitate greater economic participation.
Addressing concerns related to investment, Minister Khan assured that any issues encountered by Korean companies operating in Pakistan would be resolved through coordination with relevant government departments. He reaffirmed the administration”s dedication to providing a stable and conducive business environment for foreign investors.
Furthermore, the officials discussed the formation of a Joint Trade Committee. They agreed to reactivate and finalise this mechanism to ensure consistent institutional engagement and effective follow-up on bilateral trade matters.
Secretary Commerce Jawad Paul elaborated on Pakistan’s stance, advocating for a balanced and development-sensitive approach to tariff liberalisation under CEPA. He asserted that an asymmetrical arrangement would accommodate Pakistan’s developmental requirements and garner broader stakeholder endorsement. Mr Paul also confirmed that Pakistan’s technical teams are actively involved in inter-ministerial consultations and would soon provide feedback on the outstanding negotiation chapters.
The meeting concluded positively, with both delegations expressing optimism regarding the trajectory of Pakistan-South Korea economic relations. They reaffirmed their mutual commitment to strengthening bilateral cooperation in the realms of commerce, investment, and industrial advancement.