Pakistan and Vietnam to Commence Trade Agreement Talks

Pakistan and Vietnam have reached an agreement to start negotiations for a Pakistan–Vietnam Preferential Trade Agreement (PTA) later this year.

This decision was made during the 5th Meeting of the Pakistan–Vietnam Joint Trade Committee (JTC), which took place in Hanoi on Friday. This meeting reactivated the forum after being inactive for eight years.

Nasir Hamid, Additional Secretary of Commerce of Pakistan, and Phan Thi Thang, Deputy Minister of Industry and Trade of Vietnam, jointly presided over the session.

Jam Kamal Khan, Pakistan’s Minister for Commerce, and Nguyen Hong Dien, Vietnam’s Minister of Industry and Trade, attended the signing event for the agreed minutes.

The JTC assessed the present state of trade between the two countries and defined future cooperation in important sectors, including trade facilitation, market access, textiles, fisheries, Halal certification, civil aviation, healthcare, and banking.

Focus on Strengthening Economic Ties

Both countries highlighted the need for stronger institutional and commercial connections to promote long-term trade growth.

The meeting concluded with a renewed commitment to realizing the untapped trade potential that exists between Pakistan and Vietnam.

Previously, Jam Kamal Khan and Nguyễn Hồng Diên convened a bilateral meeting to reinforce economic collaboration and investigate new opportunities for trade and investment.

According to a statement from the Ministry of Commerce, the high-level meeting fostered a spirit of friendship and collaboration, reflecting the growing economic and diplomatic relations between Pakistan and Vietnam.

The two ministers stressed the significance of improved business-to-business relations, the promotion of collaborative projects, and cooperation in industries like textiles, agriculture, pharmaceuticals, IT, and energy.

Discussions also centered on lowering trade obstacles and pursuing a Preferential Trade Agreement (PTA) to make trade operations easier.

About Preferential Trade Agreement (PTA)

A PTA is a trade agreement where participating countries decide to lower or eliminate tariffs and other trade restrictions on particular goods and services exchanged between them.

Jam Kamal emphasized Pakistan’s advantageous geographic location and offered Vietnam better access to markets in Central Asia and the Middle East through connectivity projects.

Nguyễn Hồng Diên stated Vietnam’s desire to increase imports of rice, textiles, and leather products from Pakistan and invited Pakistani investment in Vietnam’s manufacturing and technology sectors.

The meeting came to a close with a common goal of increasing Pakistan-Vietnam bilateral trade and encouraging a long-term economic alliance for the mutual advantage of both countries.