Pakistan, South Korea move closer to CEPA
- Once finalised, it would open new avenues for Pakistani exporters and further strengthen bilateral economic relations
The first round of Comprehensive Economic Partnership Agreement (CEPA) negotiations between Pakistan and South Korea had been successfully concluded, and the second round was expected soon, said Federal Minister for Commerce Jam Kamal Khan.
The minister said the agreement, once finalised, would open new avenues for Pakistani exporters and further strengthen bilateral economic relations.
The development came during a Pakistan-Korea Trade & Investment Conference held in Seoul, bringing together over 170 Pakistani and Korean businessmen and resulting in the signing of six Memoranda of Understanding (MOUs) between companies of the two countries, read a statement.
The conference was held against the backdrop of ongoing negotiations between Pakistan and the Republic of Korea on a CEPA.
The minister urged the business communities of both countries to utilise the conference platform to forge concrete partnerships in advance of the Agreement’s conclusion.
The conference was attended by 91 Korean and 82 Pakistani businessmen, including members of the Pakistani diaspora in Korea as well as delegates from the Sialkot Chamber of Commerce and Industry and the Gujranwala Chamber of Commerce and Industry.
The proceedings commenced with a welcome address by the Ambassador of Pakistan to the Republic of Korea, followed by remarks from the Vice Chairman of the Daegu Chamber of Commerce and Industry.
Officials of the Special Investment Facilitation Council (SIFC) and the Trade Development Authority of Pakistan (TDAP) also briefed the participants, highlighting Pakistan’s export potential in textiles and apparel, leather goods, surgical and sports goods, agro-food products, minerals, and IT services.
During the dedicated Business-to-Business (B2B) sessions, Pakistani companies represented by the Sialkot, Gujranwala and other chambers of commerce signed six MOUs with their Korean counterparts, covering sectors including salt, cosmetics, and oil and sesame seed trade.
These MOUs are expected to serve as a foundation for definitive commercial agreements between the respective companies.
It was further announced that a second such conference is being planned in Seoul in March 2027, to build on the momentum generated once the CEPA is concluded.