Pakistan, Vietnam discuss PTA to cut tariffs

KARACHI:

Evolving geopolitical and trade dynamics in the region have created new opportunities for Pakistan, particularly for Karachi, which has the potential to rapidly emerge as a regional trade and logistics hub owing to the strategic importance of Karachi Port, Vietnamese Ambassador Pham Anh Tuan has said, according to a statement issued on Thursday.

Speaking during a visit to the Karachi Chamber of Commerce and Industry (KCCI), the ambassador observed that global supply chain disruptions caused by Middle East tensions have compelled businesses to explore alternative trade and transshipment routes. Karachi Port could play a vital role in connecting regional markets, especially the Middle East, through enhanced maritime activities.

The ambassador noted that Vietnam remains one of Asia's fastest?growing economies. Bilateral trade stands at about $850 million, which falls significantly short of its potential. Both countries have initiated discussions on a preferential trade agreement (PTA), under which tariffs on more than 100 product lines are expected to be reduced to zero. Negotiations are progressing positively.

The ambassador invited KCCI to send a high?powered trade delegation to Vietnam to explore investment opportunities, joint ventures and commercial partnerships.