Pakistan and Vietnam have officially kicked off negotiations for a Preferential Trade Agreement (PTA), aimed at strengthening bilateral trade and fostering economic cooperation.
The announcement came during a high-level bilateral meeting and the Pakistan-Vietnam Business Forum held in Islamabad, co-chaired by Pakistan’s Federal Minister for Commerce Jam Kamal Khan and Vietnam’s Minister of Industry and Trade H.E. Nguyên Hùng Diên.
The Business Forum, which also saw the participation of various government ministers and senior officials from both nations, addressed key areas of collaboration, including textiles, leather, pharmaceuticals, agriculture, food processing, fisheries, construction materials, and information technology.
Minister Jam Kamal Khan welcomed the Vietnamese delegation, emphasizing the longstanding friendship between the two nations and the importance of advancing this relationship into a robust economic partnership.
He pointed out that although bilateral trade has shown progress, it remains below its potential and highlighted the PTA as a step forward in expanding commercial and investment cooperation.
A significant development at the forum was the formal signing of the Joint Statement on the Launch of PTA Negotiations. The agreement sets in motion a structured process to finalize the PTA by the end of 2025. The PTA will offer a comprehensive framework to enhance market access, diversify trade baskets, and eliminate tariff and non-tariff barriers, benefiting both countries.
H.E. Nguyên Hùng Diên also expressed strong support for the PTA, noting that it would help diversify export markets and create new opportunities for sustainable growth, while reinforcing resilience against global economic challenges. Both sides agreed to encourage private sector collaboration, particularly in Special Economic Zones (SEZs), which offer opportunities for joint ventures and manufacturing partnerships.
Additionally, both governments agreed on enhancing connectivity and people-to-people linkages, including the establishment of direct flight routes between Pakistan and Vietnam to boost trade and tourism.
Minister Jam Kamal Khan highlighted the potential for religious and cultural tourism, particularly with Pakistan’s Buddhist heritage sites, which he noted would attract Vietnamese pilgrims.
Looking ahead, Minister Jam Kamal Khan invited Vietnamese businesses to explore opportunities at the upcoming FoodAg Exhibition in Karachi, which will showcase Pakistan’s agricultural and food processing potential. Both ministers also affirmed their commitment to deepening cooperation in science, technology, and innovation.
The event concluded with the signing of the Joint Statement, marking the official launch of the PTA negotiations and reinforcing both countries’ determination to build a sustainable and prosperous economic partnership.
