Negotiations on Pak-Turkey FTA to be held by August end

ISLAMABAD: The seventh round of negotiations on Free Trade Agreement (FTA) between Pakistan and Turkey would be held by the end of current month in Turkey to finalize the agreement.

"Pakistan's trade balance with Turkey remained positive until 2011, however, it started decreasing since 2011, when additional duties on various commodities were imposed by the two countries," said a senior official of Ministry of Commerce, while talking to APP here on Thursday.

He said the two sides would exchange provisional lists for a final agreement in upcoming round of dialogue.

The official said the two sides will hold discussions on agreement on goods, services and investment.

After signing of new FTA with Turkey, both the countries again will be able to improve their trade balance, he added.

The official said that Pakistan will get market space in agriculture and pharmaceutical sector in Turkey.

He said that Pakistan's major imports from Turkey include man-made textiles, towels, steel structure, tanning and plastic chemicals, processed milk and whey.

Whereas, he said the country's major exports to Turkey are denim PET, ethanol, cotton yarn, fabric, rice, garments, leather, carpets, surgical instruments, sports good and chemicals.