Pakistan-Turkiye trade volume can soar to $20bn-$25bn: envoy

KARACHI: Dr Mehmet Pacaci, Ambassador of Turkiye said that in the long-term, bilateral trade volume between Pakistan and Turkiye can reach USD 20-25 billion.

Irfan Iqbal Sheikh, President FPCCI, has apprised that Dr Mehmet Pacaci, has estimated that Pakistan and Turkiye can easily reach bilateral trade volume of $ 5 billion in the future.

He added that, in this regard, we should capitalise on the opportunities made available by Pakistan’s inclusion into TIR convention pertaining to land-based cargo and Trade in Goods Agreement (TGA) signed between the two countries.

Dr Mehmet Pacaci visited FPCCI with his team of senior Turkish diplomats.

Mian Anjum Nisar, former president FPCCI, explained that there is an enormous but yet untapped potential for Pakistan and Turkiye to forge partnerships in modern agricultural technologies; advanced defense production; alternative and renewable energy; food & beverages industry and hospitality & tourism – as Turkiye is at par with many other developed countries in these sectors of the economy.

Suleman Chawla, SVP FPCCI, stressed that Pakistan should aggressively explore new avenues to export to Turkiye as current bilateral trade volume of USD 1.3 billion is way below the true potential; and, expansion of economic relations must incorporate industrial collaborations and transfer of technology.

Engr M A Jabbar, VP FPCCI, expressed his profound concerns that the emotional and strategic relations with Turkiye have not translated into trade, investments and economic relations.

Amjad Rafi, Chairman of FPCCI’s Pakistan-Turkiye Joint Business Council (PTJBC), maintained that Pakistan and Turkiye should put in place a practical and efficient currency swap agreement to overcome lack of commercial banking channels and other issues with corresponding banks.

He also informed that land-based cargo under TIR reaches Istanbul in less than two weeks; which is around 30 percent of the time required through sea-based cargo. Cost of goods transportation can also be more than halved through this manner, he added.

Copyright Business Recorder, 2023