Pakistan and South Korea agreed to engage on Comprehensive Economic Partnership Agreement (CEPA), expand trade and investment cooperation.
Federal Minister for Commerce Jam Kamal Khan held a virtual meeting with Yeo Han-koo, Trade Minister of South Korea, to discuss strengthening bilateral trade ties, advancing negotiations on the Comprehensive Economic Partnership Agreement (CEPA), and enhancing investment cooperation between the two countries.
Secretary Commerce Jawad Paul and senior officials from both sides also participated in the meeting, said a release issued here on Friday.
At the outset, the Korean Trade Minister lauded Pakistan’s leadership role in promoting peace amid the current Middle East situation, stating, “Pakistan’s efforts to bring peace are better for the whole world, not just for the countries involved.” He also appreciated his past visits to Pakistan, including Lahore, describing them as memorable and praising the country’s hospitality and potential.
In response, Jam Kamal Khan appreciated the acknowledgment, reaffirming that Pakistan has acted as a responsible state in facilitating dialogue and promoting peace. He expressed hope that ongoing efforts would lead to stability in the region, which is vital for global trade, energy markets, and economic connectivity.
The two sides held detailed discussions on the ongoing CEPA negotiations, agreeing on the need to accelerate technical engagements with a shared objective of concluding the agreement within a mutually agreed timeframe. Both ministers emphasized that the agreement should be ambitious, balanced, and reflective of their respective economic realities.
Highlighting Pakistan’s economic potential, Jam Kamal Khan underscored opportunities across multiple sectors including agriculture, mining, textiles, pharmaceuticals, surgical instruments, and sports goods.
He emphasized the importance of diversification in trade partnerships, noting that evolving global dynamics require countries to explore new markets and build resilient economic linkages. He reiterated that Pakistan, with its strategic location, can serve as a gateway to Central Asia and Africa.
The Korean Trade Minister noted that many Korean companies are keen to invest in Pakistan, considering it a safe and promising destination, particularly in manufacturing and energy sectors.
He emphasized that a structured framework like CEPA would further enhance investor confidence and facilitate greater economic engagement.
On investment-related concerns, Jam Kamal Khan assured that issues faced by Korean companies operating in Pakistan would be addressed in coordination with relevant ministries.
He reaffirmed the government’s commitment to providing a stable and conducive business environment for foreign investors.
Both sides also discussed the establishment of a Joint Trade Committee, agreeing to revive and finalize the mechanism to ensure regular institutional engagement and effective follow-up on bilateral trade matters. Secretary Commerce Jawad Paul, while elaborating Pakistan’s position, highlighted the need for a balanced and development-sensitive approach in tariff liberalization under CEPA.
He stressed that an asymmetrical arrangement would help accommodate Pakistan’s developmental needs and ensure broader stakeholder support.
He further assured that Pakistan’s technical teams are actively engaged in inter-ministerial consultations and will provide feedback on remaining negotiation chapters soon.
The meeting concluded on a positive note, with both sides expressing optimism about the future of Pakistan-South Korea economic relations and reaffirming their commitment to strengthening bilateral cooperation in trade, investment, and industrial development.