Pakistan and Turkey have inched towards finalisation of Free Trade Agreement (FTA) during the 5th Round of Pakistan-Turkey Free Trade Agreement (FTA) negotiations held in Ankara on 21-23 December, 2016. Pakistan delegation was headed by Mian Asad Hayauddin, Additional Secretary, Ministry of Commerce, and included officials of Ministry of Commerce, Ministry of Industries, Ministry of Textiles, the Federal Board of Revenue and Engineering Development Board (EDB).
Strangely, the Commerce Ministry included one female in the delegation who works for the World Bank and not for the ministry. Some officials were surprised how a consultant of a foreign donor agency could be included in the delegation which deliberated a top secret agreement.
The sessions were also attended by Sohail Mahmood, Ambassador of Pakistan to Turkey. The Turkish delegation was headed by Husnu Dilemre, Deputy Undersecretary, Ministry of Economy, and was assisted in talks by the officials of Ministry of Economy, Ministry of Customs and Trade, and Directorate General of Imports. Consul General of Pakistan in Istanbul was also present in the talks. Both sides undertook discussions on agreements on goods, services and investment. Considerable progress was made during the talks on all these agreements.
"Substantial progress was achieved on the tariff lines proposed for concessions by the both sides," said an official statement. The political leadership of both countries is keen to finalise FTA as early as possible. Both sides agreed to hold next round of talks in Islamabad at the earliest possible date.
It is pertinent to mention here that Commerce Minister Engineer Khurram Dastgir has been actively pursuing the FTA. According to Pakistan Business Council (PBC), a non-profit advocacy forum, FTA with Turkey would be more beneficial for Turkey as compared to Pakistan, urging the Commerce Ministry to focus on accuracy of data and tariff elimination across high potential exports particularly those in which the exporter has a comparative advantage. Pakistan exported products worth $235 million to Turkey and imported products worth $205 million leading to a surplus of $30 million for Pakistan. Exports fell over 2014, while imports rose slightly, reducing Pakistan's surplus.