Pakistan and Vietnam today formally launched negotiations for a Preferential Trade Agreement (PTA), a move aimed at dismantling trade barriers and significantly strengthening economic ties between the two nations. The agreement, which officials hope to conclude by the end of 2025, is expected to provide a major boost to bilateral commerce and investment.
The official signing of the Joint Statement on the launch of PTA talks was the centerpiece of a high-level bilateral meeting and the Pakistan-Vietnam Business Forum held in the capital. The event was co-chaired by Federal Minister for Commerce Jam Kamal Khan and his Vietnamese counterpart, H.E. Nguy?n H?ng Diên, Minister of Industry and Trade.
In his address, Minister Jam Kamal Khan described the Vietnamese delegation”s visit as a reflection of a shared resolve to convert a long-standing friendship into a robust economic partnership. He noted that while bilateral trade has shown progress, it currently remains below its true potential.
The forum was also attended by a high-profile Pakistani contingent, including Federal Ministers for Science and Technology, Communications, Maritime Affairs, and National Food Security, underscoring the broad scope of the intended collaboration.
The PTA is designed to create a comprehensive framework to improve market access, diversify the range of traded goods, and eliminate both tariff and non-tariff barriers. The objective is to foster a more balanced and mutually beneficial trading relationship, enhancing the export potential and competitiveness of both economies.
Minister Nguy?n H?ng Diên welcomed the initiative, highlighting that the agreement would help diversify export markets and fortify resilience against global economic uncertainties. He stressed the importance of conducting the negotiations with transparency to ensure balanced benefits for both countries.
Khan identified several promising sectors for collaboration, including textiles, leather, pharmaceuticals, agriculture, information technology, and construction materials. He urged the business communities of both nations to explore these opportunities and transition from short-term traders to long-term collaborators.
To support this enhanced economic activity, both sides agreed to explore the establishment of direct flight routes between Pakistan and Vietnam. The discussion also included measures for improved visa facilitation to encourage greater movement of entrepreneurs and tourists.
Highlighting Pakistan’s unique tourism potential, Minister Khan pointed to the ancient Gandhara and Taxila civilizations, which host some of the world”s most sacred Buddhist heritage sites. The Vietnamese minister acknowledged these efforts, terming pilgrimages to such sites as a journey to the spiritual roots of Buddhism.
Pakistani officials also expressed a keen interest in learning from Vietnam’s economic success, particularly in value-added manufacturing and industrial modernization. An invitation was extended to Vietnamese enterprises to participate in the upcoming FoodAg Exhibition in Karachi this November to showcase opportunities in Pakistan’s food and agriculture sectors.
The event concluded with both ministers reaffirming their commitment to a future-oriented and sustainable economic partnership, with Jam Kamal Khan stating the forum marked “the beginning of a new chapter in our bilateral relations – one defined by trust, mutual benefit, and shared prosperity.’