'FTA between Pakistan, Turkey soon'

Vice-President of Electrical, Electronics and Services Exporters Association (EESEA) Turkey, Dr Guven Uckan has expressed the hope that Free Trade Agreement (FTA) between Pakistan and Turkey will be signed soon.
Speaking at a meeting of Karachi Chamber of Commerce and Industry (KCCI), he said that the proposed FTA would surely create a win-win situation for the business communities of the two brotherly countries.
He said that Turkish companies wanted to enhance business with Pakistan by holding business-to-business meetings.
"We want to do business by undertaking joint ventures either in your country or in our country and we are looking forward to sharing technology with Pakistan," he added.
Commercial Attaché of Turkish Consulate in Karachi Murat Mustu informed that it was the second delegation as a similar delegation from Jewellers Association of Turkey also visited Karachi last year, which succeeded in building goods business relations with their counterparts in Pakistan.
Commenting on production of electrical appliances and machineries being produced in Turkey, he particularly mentioned that high quality textile machineries were being produced in Turkey and the same were being exported to the European Union.
These products were much better as compared to similar machineries being produced by China, he claimed, adding that these machineries and electrical equipment can also be exported to Pakistan but the Customs duty rates were a bit high which can only be reduced by signing the FTA which was currently being negotiated.
President KCCI Younus Muhammad Bashir said that it was heartening to note that numerous delegations representing various sectors of Turkish economy have been visiting KCCI from time to time with a view to look for opportunities of enhancing trade and investment between the two countries.
He said that both countries were all weather friends and their economic ties were based on longstanding and deep rooted bilateral relationship providing economic and political support to each other. "Pakistan and Turkey have significant trade volume where Pakistan exported commodities of worth $322.60 million while imported commodities of worth $238.45 million during 2014-15, showing a trade balance of $84.15 million in favour of Pakistan," he added.
He pointed out that Pakistan was a major importer of electrical and electronic items from around the world and there exists a growing demand for such products in the country.
"In fact, the home appliances business is thriving and key market players expect consumer demand to surge as households generally replace their old appliances with newer models," Younus Bashir said.
"Pakistan's consumers electronics market is expected to grow by an annualised average of about 13.3 percent to $3.3 billion by 2016. Although, Refrigerators, Deep Freezers, Air conditioners are being manufactured within the country, yet the industry depends on imported compressors for manufacturing these items," he noted.
He also invited the Turkish delegation to participate in KCCI's forthcoming 13th My Karachi - Oasis of Harmony exhibition scheduled to be organised at Karachi Expo Centre from 25th to 27thMarch 2016. This three-day long event will provide an excellent opportunity to Turkish businessmen and industrialists to showcase their electronic goods and appliance in front of around one million visitors, besides creating strong linkages with the business and industrial community of Karachi by holding B2B meetings in a cordial atmosphere.
The Turkish delegation was comprised Mehmet Kavakhoglu Vice President EESEA, Atilla Eren Member Management Board EESEA and Hakan Ozturk Member Management Board EESEA .While Zia Ahmed Khan, Senior Vice President KCCI, Muhammad Naeem Sharif Vice President KCCI, Muhammad Ibrahim Kasumbi Former SVP KCCI, Muhammad Idrees Chairman KCCI Special Committee for My Karachi Exhibition and KCCI Managing Committee members were also present at the meeting.