Business Recorder
Pakistan and South Korea have agreed to fast-track negotiations on a Comprehensive Economic Partnership Agreement (CEPA), indicating renewed momentum in bilateral trade ties. The development came during a virtual meeting of Federal Minister for Commerce Jam Kamal Khan with Yeo Han-koo, Trade Minister of South Korea, read an official statement on Friday. Secretary of Commerce Jawad Paul and senior officials from both sides also participated in the meeting. 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,” said Yeo. In response, Jam Kamal Khan appreciated the acknowledgement, 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. 2025 Korea-Pakistan industrial collaboration event held During the meeting, the two sides held detailed discussions on the ongoing CEPA negotiations, agreeing on the need to accelerate technical engagements with a shared objective of agreeing within a mutually agreed timeframe. Both ministers emphasised that the agreement should be ambitious, balanced, and reflective of their respective economic realities. Highlighting Pakistan’s economic potential, Jam Kamal underscored opportunities across multiple sectors, including agriculture, mining, textiles, pharmaceuticals, surgical instruments, and sports goods. He emphasised 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 minister noted that many Korean companies are keen to invest in Pakistan, considering it a safe and promising destination, particularly in the manufacturing and energy sectors. He emphasised that a structured framework like CEPA would further enhance investor confidence and facilitate greater economic engagement. On investment-related concerns, Jam Kamal 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 finalise the mechanism to ensure regular institutional engagement and effective follow-up on bilateral trade matters. Secretary of Commerce Jawad Paul, while elaborating Pakistan’s position, highlighted the need for a balanced and development-sensitive approach in tariff liberalisation 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 the remaining negotiation chapters soon.
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