Pakistan, Korea agree to hold further talks on trade

Islamabad : Pakistan and the Republic of Korea have agreed to hold further negotiations on the proposed Free Trade Agreement (FTA) for increasing bilateral trade and promote free trade between the two countries.

Pakistan and the Republic of Korea had fruitful discussions on prospects of Free Trade Agreement (FTA) to increase the bilateral trade and also enhance the trade volume, a senior official of the Ministry of Commerce told this agency here on Saturday.

He said that FTA was proposed by Pakistan in trade negotiations between both sides in Seoul to increase the trade volume.

He said that both of the countries agreed to conduct research studies on its feasibility, which were completed, and now the leadership of both sides have agreed to push forward the agreement process in light of positive feasibility.

On the 3rd round of Joint Trade Committee (JTC) held virtually the other day, both sides have agreed to enhance cooperation in trade related matters so that the true potential of trade between the two countries can be tapped in an effective manner.

The delegates of the Ministry of Commerce (MOC) Pakistan and the Ministry of Trade, Industry, and Energy (MOTIE) Republic of Korea negotiated the 3rd Round of Joint Trade Committee (JTC), he said.

He said that 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.

The senior official said that the Korean delegation was also informed of the attractive investment opportunities in Pakistan, and also appraised of the success of the Korean automobile companies in Pakistan.

He said the new Cellular and Electric Vehicle (EV) policies were also highlighted which offer attractive incentives for investment in Pakistan.

He informed that emphasis was also laid on cooperation in the field of textile research and building capacity of human resource through KOICA programs.

Both sides also agreed to expand cooperation between Trade Development Authority of Pakistan (TDAP) and Korea Trade and Investment Agency (KOTRA) through working towards an MOU between two authorities for trade facilitation and trade promotion, he said.

The senior official said Pakistan and the Republic of Korea also agreed to consider holding a meeting at the Ministerial level to bolster trade and investment cooperation between the two countries.

He said that it was also agreed to hold the next JTC meeting in 2022. The senior official said the delegations emphasized to expand the bilateral trade and investment linkages between the two countries.

He said that the Korean side expressed their satisfaction with regard to the outcomes of the last JTC meeting that led to the resolution of corporate issues faced by the Korean companies.

He informed that the Pakistani delegation assured complete facilitation to be extended to the Korean companies in the resolution of outstanding issues.