Delegates of the Ministry of Commerce and Korean Ministry of Trade, Industry and Energy met for the third round of Joint Trade Committee on Wednesday to discuss trade and investment linkages between the two countries. In a virtual meeting, the Korean delegation, headed by Ministry of Trade, Industry and Energy Director General (International Trade Relations) Chun Yoonjong raised the corporate issues faced by companies in Pakistan and requested to resolve them. The Korean side expressed satisfaction with regard to the outcome of the last JTC meeting that led to the resolution of corporate issues faced by the Korean companies. Meanwhile, Pakistan’s side, headed by Ministry of Commerce Additional Secretary Muhammad Humair Karim, assured the Korean team of complete facilitation to the Korean companies in the resolution of outstanding issues. Both sides agreed to enhance cooperation in trade-related matters so that the true potential of trade between the two countries could be tapped in an effective manner. Pakistani and Korean sides also had productive talks on the prospects of free trade agreement between the two countries. The Korean delegation was informed about the attractive investment opportunities in Pakistan and the success of Korean automobile companies in Pakistan. The new cellular and electric vehicle policies were also highlighted, which offered attractive incentives for investment in Pakistan. Emphasis was also laid on cooperation in the field of textile research and building capacity of human resources through the Korea International Cooperation Agency programmes. The delegates agreed to continue bilateral cooperation and work towards extending the validity of existing Memorandum of Understanding (MoU) on Trade and Investment Cooperation between the Ministry of Commerce, Pakistan and Ministry of Trade, Industry and Energy of South Korea with requisite amendments to cater to the new trade and investment environment. It was agreed to expand cooperation between the Trade Development Authority of Pakistan (TDAP) and Korea Trade and Investment Agency by working on an MoU between the 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 2022. The meeting concluded with the commitment to expanding and cementing bilateral relationship between the two countries. Published in The Express Tribune, January 7th, 2021. Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
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