FPCCI for immediate removal of hindrances to Pak-Turkey FTA

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Senior Vice President Syed Mazhar Ali Nasir has called for urgent meeting of the Joint Business Council (JBC) of Turkey and Pakistan's national Chambers of Commerce to discuss and find solutions to impediments in finalizing and signing of Fee Trade Agreement (FTA) between the two countries at the earliest.

This will include removal of non-tariff barriers on the both sides and to reduce tariffs to the rational level in the best interest of the two nations, said a statement issued by the Federation of Pakistan Chambers of Commerce and Industry here on Wednesday.

The FPCCI Senior Vice President speaking in a meeting with Consul General of Turkey in Karachi Tolga Ucak here at the Federation House, said that although a lot of work had been done on FTA yet both the governments would have to reach consensus on certain issues before signing FTA.

He said, if Turkish government reduced the tariff, the bilateral trade would increase significantly. It would also create environment for joint ventures in various sectors and transfer of Turkish technology to Pakistan.

Turkish investors would also be able to re-export their products to Turkey from Pakistan.

He said that Pakistan and Turkey were time tested friends and their economic ties were based on long-standing and deep rooted bilateral relationship providing economic and political support to each other.

Huge potential for trade existed on the both sides and the two Muslim countries would benefit by signing the FTA, senior FPCCI leader said.

Syed Mazhar Ali Nasir said that unfortunately the volume of bilateral trade had decreased to dollars 675 million in 2017 from more than one billion in 2011.

Turkish Consul General appreciated the suggestions of the FPCCI and said the FTA between Pakistan and Turkey would further enhance and strengthen the bilateral trade relations between the two countries.

He said that the existing trade volume which was undoubtedly far below the existing potential between both the countries could be increased through joint efforts and increased interaction between the two business communities.

He was confident that the bilateral trade would jump once the FTA was finalized. He said that Pakistan was very attractive country for Turkish investors and there were great opportunities for joint ventures.