Pakistan, Vietnam to initiate talks on Preferential Trade Agreement this year

Pakistan and Vietnam have agreed to initiate negotiations on a Pakistan-Vietnam Preferential Trade Agreement (PTA) within this year.

The development came during the 5th Meeting of the Pakistan–Vietnam Joint Trade Committee (JTC) convened on Friday in Hanoi, reactivating this institutional forum after a hiatus of eight years.

The session was co-chaired by Nasir Hamid, Additional Secretary of Commerce, Islamic Republic of Pakistan, and Phan Thi Thang, Deputy Minister of Industry and Trade, Socialist Republic of Vietnam.

The signing ceremony of the agreed minutes was solemnly witnessed by Jam Kamal Khan, Minister for Commerce of Pakistan, and Nguyen Hong Dien, Minister of Industry and Trade of Vietnam.

The JTC reviewed the current state of bilateral trade and outlined future cooperation in key areas, including trade facilitation, market access, textiles and fisheries, Halal certification, civil aviation, healthcare, and banking channels.

Vietnam envoy for expanding economic ties with Pakistan

During the meeting, both sides emphasised enhancing institutional and business linkages for sustained trade growth.

The meeting concluded with a reaffirmed commitment to unlocking the untapped trade potential between the two countries.

Earlier, Jam Kamal Khan held a bilateral meeting Nguyễn Hồng Diên to strengthen economic cooperation and explore new avenues for trade and investment between the two countries.

The high-level meeting took place in a spirit of mutual friendship and partnership, reflecting the growing economic and diplomatic ties between Pakistan and Vietnam, read a statement released by the Ministry of Commerce.

During the meeting, the two ministers emphasised the need for enhanced business-to-business linkages, promotion of joint ventures, and cooperation in sectors such as textiles, agriculture, pharmaceuticals, information technology, and energy.

Discussions also focused on reducing trade barriers and working towards a Preferential Trade Agreement (PTA) to facilitate smoother trade flows.

A PTA is a trade pact between two or more countries where they agree to reduce or eliminate tariffs and other trade barriers on certain goods and services traded between them.

During the meeting, Jam Kamal highlighted Pakistan’s strategic location and offered Vietnam greater access to Central Asian and Middle Eastern markets through regional connectivity projects.

Meanwhile, Nguyễn Hồng Diên expressed Vietnam’s interest in increasing imports of Pakistani rice, textiles, and leather products, and welcomed Pakistani investment in Vietnam’s manufacturing and technology sectors.

The meeting concluded with a shared vision to elevate Pakistan-Vietnam bilateral trade volume and to foster long-term economic partnership for the mutual benefit of both nations.