Pakistan, South Korea hold third round of online session of JTC

ISLAMABAD: The third round of Joint Trade Committee (JTC) online session was held between the Ministry of Commerce (MoC), Pakistan, and the Ministry of Trade, Industry and Energy (MOTIE), South Korea, on Wednesday to discuss bilateral issues.

Both delegations emphasised to expand the bilateral trade and investment linkages between the two countries. The Korean head raised the corporate issues faced by Korean companies in Pakistan and requested to resolve the issues accordingly.

The Korean side expressed their satisfaction with regard to outcomes of the last JTC meeting that led to the resolution of corporate issues faced by the Korean companies. The Pakistani delegation assured complete facilitation to Korean companies in 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 & 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 talks.

Both the delegations agreed to enhance cooperation in trade related matters so that the true potential of trade between the two countries could be tapped in an effective manner. Both sides also had productive talks regarding Free Trade Agreement (FTA) between two partner countries.

The Korean delegation was also informed about attractive investment opportunities in Pakistan, and also apprised of the success of Korean automobile companies in Pakistan. Similarly, the new cellular and Electric Vehicle (EV) policies were highlighted in which the government would offer attractive incentives for investment in Pakistan. The delegations also emphasised on cooperation in the field of textile research and building capacity of human resource through KOICA programs.

The delegates agreed to continue bilateral cooperation and work towards extending the validity of the existing Memorandum of Understanding (MoU) on Trade and Investment Cooperation between Ministry of Commerce, Pakistan and Ministry of Trade, Industry and Energy of the Republic of Korea with requisite modifications to cater to the new trade and investment environment. It was also agreed to expand cooperation between TDAP and KOTRA through working towards an MOU between two institutions for trade facilitation and trade promotion. Both sides agreed to consider holding a meeting at the ministerial level to bolster trade and investment cooperation between the two countries. It was also agreed to hold the next JTC meeting in the year 2022.

The meeting concluded with the commitment to expand and cement the bilateral relationship between the two countries.