Pakistan, Turkey agree to expedite FTA process

Pakistan, Turkey agree to expedite FTA process
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ISLAMABAD: Pakistan and Turkey here on Thursday agreed in principle to initiate the process for finalising Free Trade Agreement (FTA) as the two countries are eying $2 billion bilateral trade by the end of 2012.

The two sides reached the understanding at 13th session of two-day Pak-Turkey Joint Ministerial Commission (JMC) concluded here on Thursday.

Speaking to media persons after signing a memorandum of understanding (MOU), commerce minister, Makhdoom Amin Fahim and Turkish minister of state for science and technology, Mehmet Aydin vowed that the two countries would vigorously pursue the negotiations to finalise FTA as early as possible. However, they remained short of giving any timeframe in this regard.

Amin Fahim, who headed the Pakistani side in the JMC, termed the agreement on FTA a great breakthrough and said that the two sides are committed to act swiftly on the implementation of the FTA.

The Turkish state minister said, "We don't want to lose any time. The proposed FTA will be high on the agenda of the Turkish Prime Minister's visit to Pakistan."

He said that the Prime Minister will be visiting Pakistan in next ten days. So the breakthrough made at the JMC will be materialised as early as possible, he added.

Responding to a question he admitted that in the last few years, the countries could not hold negotiations. The 13th JMC provided us an opportunity to look into bilateral cooperation according to emerging needs of the countries, said Aydin.

According to the MOU, both countries were convinced that despite global recession, $2 billion bilateral trade target would be achieved by the end of 2012.

The JMC also decided to expedite the initiatives of the Pakistani-Turkish Business Council. The Council should meet in the first half of 2010, as the two sides give high importance of effective functioning of private sector platforms in promoting bilateral trade. Pakistan and Turkey also emphasised the importance of enhancement of trade through the regional economic organizations such as Economic Cooperation Organisation (ECO) and Organisation of Islamic Conference (OIC). They will exchange reciprocal 'investment assessment delegations' in 2010 with a view to determine the potential sector and further acquaintances among the investment circles of the two countries.

Pakistan has also received two agreements 'Protocol on Establishing a Mechanism for Regular Consultations on Contracting and Consulting Engineering Services and 'Cooperation on Planning' between Pakistan and Turkey. The two sides also agreed to explore the possibilities of cooperation in the form of joint ventures between the business communities. Agreement has also been reached to increase collaboration in the field of science and technology. staff report

 

Pak, Turkey to enhance bilateral ties
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ISLAMABAD: The Federal Minister for Petroleum and Natural Resources, Syed Naveed Qamar on Thursday agreed to enhance bilateral ties with Turkey. The minister expressed these views during a meeting with Turkish Minister of State for Science and Technology, Prof. Mehmet Aydin and Turkish ambassador to Pakistan Mustafa Babur Hizlan here today. They discussed wide range of issues and ways and means were explored for further strengthening the already existing bilateral ties between the two brotherly countries in all spheres of mutual benefit. Syed Naveed Qamar said that Pakistan considered Turkey a close and trusted friend and wanted to further enhance bilateral ties. The minister highlighted that better prospects exist for investors that have made the country the preferred destination in the sectors of oil and gas. He said that privatisation in the country is geared more towards public-private partnerships and proper safeguarding techniques were being implemented in a number of entities. Prof. Mehmet Aydin, discussed the investment prospects in Pakistan, particularly in the upstream oil and gas sector and also showed interest in the process of privatisation in the country. Aydin was also the co-chair of the Pak-Turkey Joint Ministerial Commission (JMC) that has started deliberations aiming to explore ways and means of tapping the existing potential of ties between the two countries. staff report