Pakistan, S Korea agree to speedily finalise CEPA

Jam Kamal assures Korean counterpart of addressing challenges faced by companies

ISLAMABAD:

Federal Minister for Commerce Jam Kamal Khan held a virtual meeting with South Korean Trade Minister Yeo Han-koo to strengthen trade ties, advance negotiations on the Comprehensive Economic Partnership Agreement (CEPA), and enhance investment cooperation.

Secretary Commerce Jawad Paul and senior officials from both sides also participated in the meeting.

At the outset, the Korean trade minister stated, "Pakistan's efforts to bring peace are better for the whole world, not just for the countries involved." In response, Jam Kamal expressed hope that ongoing efforts would lead to stability in the region, which was vital for global trade, energy markets, and economic connectivity.

The two sides held detailed discussions on the ongoing CEPA negotiations and agreed on the need to accelerate technical engagements with a shared objective of concluding the agreement 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 cited opportunities across multiple sectors including agriculture, mining, textiles, pharmaceuticals, surgical instruments, and sports goods. He underscored the importance of diversification in trade partnerships, noting that evolving global dynamics would require countries to explore new markets and build resilient economic linkages.

He emphasised that Pakistan, with its strategic location, could serve as a gateway to Central Asia and Africa.

The Korean minister noted that many Korean companies were keen to invest in Pakistan as they considered the country as a safe and promising destination, particularly in manufacturing and energy. He stressed that a structured framework like CEPA would further enhance investor confidence, and facilitate greater economic engagement.

Regarding investment-related concerns, Jam Kamal assured his counterpart 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.

They also discussed the establishment of a joint trade committee and agreed to revive and finalise the mechanism to ensure regular institutional engagement and effective follow-up on trade matters.

Secretary 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.