ISLAMABAD: Pakistan and South Korea are set to sign a landmark Economic Partnership Agreement (EPA) to double the bilateral trade volume.
Commerce Minister Jam Kamal has left for South Korea to sign the EPA with his counterpart in Seoul, marking a new era of economic collaboration between the two countries, according to an official announcement of the commerce ministry on Tuesday.
Mr Kamal’s three-day visit aims to boost bilateral economic relations and foster trade and investment opportunities under the EPA.
The agreement also aims to position Pakistan as a competitive destination for Korean manufacturing operations, leveraging the nation’s strategic location and lower production costs.
Mr Jam will meet with the Korean trade minister, leading investors, and representatives from K-EXIM Bank to discuss the expansion of financial cooperation.
He will also engage with the International Economic Institute to explore strategies for attracting Korean industries to relocate operations to Pakistan.
The Pakistan Business Association Korea will be pivotal in facilitating dialogue between the commerce minister and the Pakistani business community in Korea. A gathering with Pakistani labourers in Korea will also be held to recognise their contributions and strengthen community ties.
The statement said that this high-stakes visit reflects Pakistan’s commitment to fostering robust economic engagement with Korea and promoting sustainable trade and investment partnerships.
In the first five months of the current fiscal year, Pakistan’s exports to South Korea fell 11.68 per cent to $68.25 million from $77.28m in the same period last year. For the entire FY24, exports dropped 6.34pc to $184.65m from $197.15m in the preceding year.
Conversely, imports from South Korea decreased by 2.47pc to $377.08m in 5MFY25 from $386.65m. However, imports 9.05pc to $880.86m in FY24 from $807.71m in FY23.
The trade data reveals a significant trade deficit with South Korea.
Published in Dawn, January 8th, 2025
