{"id":40337,"date":"2025-01-11T12:14:19","date_gmt":"2025-01-11T12:14:19","guid":{"rendered":"https:\/\/pakistanintheworld.pk\/live\/?p=40337"},"modified":"2025-01-11T12:14:19","modified_gmt":"2025-01-11T12:14:19","slug":"pakistan-korea-initiate-negotiations-for-economic-partnership-agreement","status":"publish","type":"post","link":"https:\/\/pakistanintheworld.pk\/live\/pakistan-korea-initiate-negotiations-for-economic-partnership-agreement\/","title":{"rendered":"Pakistan, Korea Initiate Negotiations for Economic Partnership Agreement"},"content":{"rendered":"<p><em><strong><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter size-full wp-image-40339\" src=\"https:\/\/pakistanintheworld.pk\/live\/wp-content\/uploads\/2025\/01\/Korea-Pakistan-Partnership.jpg\" alt=\"\" width=\"700\" height=\"450\" srcset=\"https:\/\/pakistanintheworld.pk\/live\/wp-content\/uploads\/2025\/01\/Korea-Pakistan-Partnership.jpg 700w, https:\/\/pakistanintheworld.pk\/live\/wp-content\/uploads\/2025\/01\/Korea-Pakistan-Partnership-300x193.jpg 300w, https:\/\/pakistanintheworld.pk\/live\/wp-content\/uploads\/2025\/01\/Korea-Pakistan-Partnership-696x447.jpg 696w, https:\/\/pakistanintheworld.pk\/live\/wp-content\/uploads\/2025\/01\/Korea-Pakistan-Partnership-653x420.jpg 653w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/>Seoul, South Korea: January 9, 2025: In a groundbreaking move to deepen economic cooperation, Pakistan\u2019s Federal Minister for Commerce, Jam Kamal Khan, and the Republic of Korea\u2019s Minister for Trade, Inkyo Cheong, have officially launched negotiations for an Economic Partnership Agreement (EPA).<\/strong><\/em><\/p>\n<p>The joint declaration, signed during a high-profile event in Seoul, underscores a mutual commitment to enhancing trade, investment, and collaboration between the two nations.<\/p>\n<p>The EPA seeks to build on the longstanding diplomatic ties between the two countries, established in 1983, and promote mutually beneficial trade in goods and services, economic cooperation, and supply chain resilience. The agreement will align with World Trade Organization (WTO) principles and is expected to be a cornerstone of bilateral relations moving forward.<\/p>\n<p><em><strong>Korean Trade Minister Inkyo Cheong<\/strong><\/em> emphasized Pakistan\u2019s strategic importance, stating, \u201cPakistan\u2019s geographical location and its vast market of 250 million people make it a critical partner for Korea\u2019s economic growth plans.\u201d Minister Cheong also announced his intention to personally lead the first round of negotiations, which will be hosted in Pakistan. He invited Pakistan\u2019s Federal Minister Jam Kamal Khan to co-chair the discussions, signaling Korea\u2019s commitment to fostering a high-level partnership.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"cP9BWAHjLj\"><p><a href=\"https:\/\/pakistanintheworld.pk\/live\/pakistani-commerce-minister-hosts-korean-investors-to-strengthen-economic-ties\/\">Pakistani Commerce Minister Hosts Korean Investors to Strengthen Economic Ties<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Pakistani Commerce Minister Hosts Korean Investors to Strengthen Economic Ties&#8221; &#8212; Pakistan In the World\" src=\"https:\/\/pakistanintheworld.pk\/live\/pakistani-commerce-minister-hosts-korean-investors-to-strengthen-economic-ties\/embed\/#?secret=iRvRBSneAv#?secret=cP9BWAHjLj\" data-secret=\"cP9BWAHjLj\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p><em><strong>Minister Cheong revealed ambitious plans for shifting Korea\u2019s production base from its Northeast Asian neighbors to Pakistan upon the conclusion of the EPA. He highlighted the potential to target new markets in East Africa and Central Asia by using Pakistan as a strategic manufacturing hub.<\/strong> <\/em><\/p>\n<p>Additionally, he expressed a strong desire to bring a business delegation to Pakistan to explore investment opportunities and strengthen ties between the private sectors of both nations.<\/p>\n<p>\u201cWith Pakistan\u2019s cost-effective labor, liberal investment policies, and proximity to high-growth regions, we see immense potential to develop a dynamic partnership that benefits both sides,\u201d Minister Cheong stated.<\/p>\n<p>Minister Cheong concluded by reiterating his commitment to advancing the negotiations in the shortest possible timeframe. \u201cThe EPA represents not just a trade agreement but a transformative partnership that will elevate Korea-Pakistan ties to unprecedented levels,\u201d he said.<\/p>\n<p><strong>Pakistani Minister Jam Kamal Khan<\/strong> highlighted the untapped potential of bilateral trade, which currently stands at $1.3 billion annually. He emphasized the opportunity for Pakistani businesses to learn from Korea\u2019s transition from low-tech industries to advanced sectors, underscoring the shared vision for economic advancement.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"nSbNUYv3rm\"><p><a href=\"https:\/\/pakistanintheworld.pk\/live\/pakistani-commerce-minister-meets-korea-eximbank-official-in-seoul-sides-discuss-progress-on-ongoing-projects\/\">Pakistani Commerce Minister Meets Korea Eximbank Official in Seoul &#8211; Sides Discuss Progress on Ongoing Projects<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Pakistani Commerce Minister Meets Korea Eximbank Official in Seoul &#8211; Sides Discuss Progress on Ongoing Projects&#8221; &#8212; Pakistan In the World\" src=\"https:\/\/pakistanintheworld.pk\/live\/pakistani-commerce-minister-meets-korea-eximbank-official-in-seoul-sides-discuss-progress-on-ongoing-projects\/embed\/#?secret=CyCGQoya0m#?secret=nSbNUYv3rm\" data-secret=\"nSbNUYv3rm\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>\u201cTogether, we can build bridges of cooperation across diverse sectors such as food, IT, minerals, textiles, and logistics,\u201d Minister Khan noted.<\/p>\n<p>Minister Jam Kamal Khan echoed this sentiment, stating, \u201cThis declaration is a milestone that will unlock immense potential and create a platform for entrepreneurs from both countries to thrive together.\u201d<\/p>\n<p>Minister Jam Kamal Khan extended a formal invitation to his Korean counterpart, Inkyo Cheong, to visit Islamabad for the first round of negotiations.<\/p>\n<p>He expressed hope that the visit would deepen ties between the two nations and foster collaboration at the highest levels.<\/p>\n<p>Both sides expressed their determination to conclude the negotiations expeditiously. The Terms of Reference (TOR) provide a comprehensive framework for addressing key issues such as trade liberalization, investment, digital trade, intellectual property rights, and climate resilience \ufffc.<\/p>\n<p><em><strong>With the first round of negotiations set for early 2025, both nations are poised to embark on a new era of economic collaboration, targeting global markets and ensuring shared prosperity.<\/strong><\/em><\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"5SVT1Axmxq\"><p><a href=\"https:\/\/pakistanintheworld.pk\/live\/pakistan-in-the-world-aug-sep-2024\/\">Pakistan in the World \u2013 Aug \/ Sep 2024<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Pakistan in the World \u2013 Aug \/ Sep 2024&#8221; &#8212; Pakistan In the World\" src=\"https:\/\/pakistanintheworld.pk\/live\/pakistan-in-the-world-aug-sep-2024\/embed\/#?secret=xEmxsQHoRa#?secret=5SVT1Axmxq\" data-secret=\"5SVT1Axmxq\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Seoul, South Korea: January 9, 2025: In a groundbreaking move to deepen economic cooperation, Pakistan\u2019s Federal Minister for Commerce, Jam Kamal Khan, and the Republic of Korea\u2019s Minister for Trade, Inkyo Cheong, have officially launched negotiations for an Economic Partnership Agreement (EPA). The joint declaration, signed during a high-profile event in Seoul, underscores a mutual [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":40339,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[1741,143,251,867,319,48,987,124],"_links":{"self":[{"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/posts\/40337"}],"collection":[{"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/comments?post=40337"}],"version-history":[{"count":4,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/posts\/40337\/revisions"}],"predecessor-version":[{"id":40342,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/posts\/40337\/revisions\/40342"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/media\/40339"}],"wp:attachment":[{"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/media?parent=40337"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/categories?post=40337"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pakistanintheworld.pk\/live\/wp-json\/wp\/v2\/tags?post=40337"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}