Pakistan and South Korea are set to sign a historic Economic Partnership Agreement (EPA) aimed at doubling bilateral trade.
Commerce Minister Jam Kamal has traveled to South Korea to finalize the EPA with his counterpart in Seoul, marking a new chapter in economic cooperation between the two nations, as announced by the commerce ministry on Tuesday.
Kamal’s three-day visit is focused on strengthening economic ties, expanding trade, and creating investment opportunities through the EPA.
The agreement is also designed to position Pakistan as an attractive destination for Korean manufacturing, capitalizing on the country’s strategic location and lower production costs.
During his visit, Kamal will meet with the Korean trade minister, leading investors, and representatives from K-EXIM Bank to discuss increasing financial cooperation.
Additionally, he will engage with the International Economic Institute to explore ways to attract Korean industries to relocate to Pakistan.
The Pakistan Business Association Korea will play a key role in facilitating discussions between the commerce minister and the Pakistani business community in South Korea. Kamal will also meet with Pakistani workers in South Korea to acknowledge their contributions and strengthen community bonds.
This visit underscores Pakistan’s commitment to enhancing its economic relationship with South 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 by 11.68% to $68.25 million, down from $77.28 million during the same period last year. For the entire FY24, exports dropped by 6.34% to $184.65 million, compared to $197.15 million in the previous year.
On the other hand, imports from South Korea decreased by 2.47% to $377.08 million in the first five months of FY25, down from $386.65 million. However, imports rose by 9.05% in FY24, reaching $880.86 million from $807.71 million in FY23.
The trade data highlights a significant trade deficit with South Korea.
