The Delegates of Ministry of Commerce (MOC) Islamic Republic of Pakistan and the Ministry of Trade, Industry and Energy (MOTIE) Republic of Korea held 3rd Round of Joint Trade Committee (JTC) today on 06-01-2021 virtually. The Pakistani delegation was headed by the Additional Secretary, Ministry of Commerce Pakistan, Mr. Muhammad Humair Karim and the Korean delegation was led by Mr. Chun Yoonjong, Director General (International Trade Relations), Ministry of Trade, Industry and Energy the Republic of Korea. The delegations also included H.E. Suh Sangpyo, the Ambassador Extraordinary and Plenipotentiary of South Korea in the Islamic Republic of Pakistan and H.E. Mumtaz Zahra Baloch, the Ambassador of Islamic Republic of Pakistan in South Korea. Stakeholders from Board of Investment Pakistan, Federal Board of Revenue, Ministry of Water &Power, Ministry of Industries and Production, Ministry of Federal Education and Professional Training, Trade Development Authority Pakistan (TDAP), Government of Khyber Pakhtunkhwa, Korea Trade and Investment Agency (KOTRA), Korea International Cooperation Agency (KOICA) were also present in the meeting.
The delegations emphasized to expand the bilateral trade and investment linkages between the two countries. The Korean head of delegation raised the corporate issues faced by the companies in Pakistan and requested to resolve the issues. The Korean side expressed their satisfaction with regard to the outcomes of the last JTC meeting that led to the resolution of corporate issues faced by the Korean companies. The Pakistani delegation assured complete facilitation to be extended to the Korean companies in resolution of outstanding issues.
Both sides agreed to enhance cooperation in trade related matters so that the true potential of trade between two countries can be tapped in an effective manner. Both sides also had productive talks on prospects of Free Trade Agreement between two partner countries. The Korean delegation was also informed of the attractive investment opportunities in Pakistan, and also apprised of the success of the Korean automobile companies in Pakistan. Similarly, the new Cellular and Electric Vehicle (EV) policies were highlighted which offer attractive incentives for investment in Pakistan. Emphasis was also laid on cooperation in the field of textile research and building capacity of human resource through KOICA programs.
The delegates agreed to continue bilateral cooperation and work towards extending the validity of the existing Memorandum of Understanding (MOU) on Trade and Investment Cooperation between Ministry of Commerce, Pakistan and Ministry of Trade, Industry and Energy of the Republic of Korea with requisite modifications to cater to the new trade and investment environment. It was also agreed to expand cooperation between TDAP and KOTRA through working towards an MOU between two authorities for trade facilitation and trade promotion. Both sides agreed to consider holding a meeting at Ministerial level to bolster trade and investment cooperation between two countries. It was also agreed to hold the next JTC meeting in year 2022. The meeting concluded with the commitment to expand and cement the bilateral relationship between the two countries.
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