Pakistan and Korea Reiterate Hopes of Improving Bilateral Trade Relations
The delegates of the Ministry of Commerce (MOC) of the Islamic Republic of Pakistan and the Ministry of Trade, Industry, and Energy (MOTIE) Republic of Korea [South Korea] held the 3rd Round of Joint Trade Committee (JTC) virtually.
The Pakistani delegation was headed by the Ministry of Commerce Pakistan Additional Secretary, Muhammad Humair Karim, and the Korean delegation was led by the Director-General (International Trade Relations) MOTIE, Chun Yoonjong.
The delegations also included H.E. Suh Sangpyo, the Ambassador Extraordinary and Plenipotentiary of South Korea in the Islamic Republic of Pakistan, and H.E. Mumtaz Zahra Baloch, the Ambassador of the Islamic Republic of Pakistan in South Korea.
The delegations emphasized expanding the bilateral trade and investment linkages between the two countries. The Korean head of delegation raised the corporate issues faced by the companies in Pakistan and requested that those issues be resolved.
The Korean delegation also expressed their satisfaction concerning the 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 the Korean companies in the resolution of outstanding issues.
Both sides agreed to enhance cooperation in trade-related matters to effectively tap into the true potential of trade between the two countries. Both sides also had productive talks on prospects of a Free Trade Agreement between two partner countries.
The Korean delegation was also informed of the attractive investment opportunities in Pakistan and was also apprised of the success of the Korean automobile companies in Pakistan. Similarly, the attractive investment incentives in Pakistan under the new Cellular and Electric Vehicle (EV) policies were highlighted.
The delegates also emphasized cooperation in textile research and building the capacity of human resources 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 the 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 authorities 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.
Stakeholders from Board of Investment (BoI) Pakistan, Federal Board of Revenue (FBR), Ministry of Water & Power, Ministry of Industries and Production, Ministry of Federal Education and Professional Training, Trade Development Authority Pakistan (TDAP), Government of Khyber Pakhtunkhwa, Korea Trade and Investment Agency (KOTRA), and Korea International Cooperation Agency (KOICA) were also present in the meeting.