Pakistan, Turkiye agree to increase trade volumes to $5bn

ISLAMABAD: The government of Pakistan and the Republic of Turkiye on Monday agreed to increase the volume of trade to $5 billion.

Additionally, plans for the establishment of a branch of a Turkish Bank in Pakistan were also discussed in order to further solidify economic ties between the two nations.

Ambassador of the Republic of Turkiye, Mehmet Pacaci, paid a courtesy call on Federal Minister for Economic Affairs, Ahad Khan Cheema.

The meeting centred on reinforcing the longstanding brotherly relations between Turkiye and Pakistan, with a focus on elevating economic cooperation to new heights.

The Minister for Economic Affairs warmly welcomed the ambassador and highlighted the deep-rooted ties between Turkiye and Pakistan, which are founded on shared faith, history, and cultural affinity.

Cheema commended the signing of the Trade in Goods Agreement/Preferential Trade Agreement (PTA) on 12 August 2022, and was hailed as a significant step forward.

The minister apprised the establishment of the Special Investment Facilitation Council (SIFC) in Pakistan, aimed at attracting investments from friendly countries, and highlighted the potential for Turkish investment in Pakistan especially in agricultural machinery and equipment and large-scale corporate farming.

He further highlighted the untapped potential in bilateral trade and investment and stressed the importance of enhancing collaboration through government-to-government (G2G) and business-to-business (B2B) arrangements.

The ambassador thanked the minister and acknowledged the relations between both nations. He reiterated the significance and conveyed Turkiye’s eagerness to explore avenues for expanding bilateral trade through the High-Level Strategic Cooperation Council (HLSCC) and the Strategic Economic Framework (SEF) and fostering cooperation in energy, banking, commerce, railways, and tourism. Plans for the next session of the HLSCC, expected to convene soon, were discussed, with a focus on increasing the volume of trade to $5 billion.

Cheema reiterated the Government of Pakistan’s commitment to continue working closely to realise the full potential of the bilateral relationship and enhance cooperation across various sectors for the mutual benefit of both countries.

Copyright Business Recorder, 2024