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Currency swap accord with Turkey soon
By Syed Irfan Raza
ISLAMABAD, Oct 13: Pakistan and Turkey on Wednesday agreed to consider a currency swapping agreement to improve economic cooperation and bilateral trade.The two sides agreed on the issue during a meeting between President Asif Ali Zardari and Turkish Prime Minister Recep Tayyip Erdogan at the presidency.
Sources in the presidency said if the two countries sign a currency swap agreement, they would open their banks in either sides and they would accept their currency, instead of US dollars, for bilateral trade and other joint ventures.
Presidential spokesman Farhatullah Babar said the idea of currency swapping was floated by President Asif Ali Zardari to facilitate business, trade and commerce and it was appreciated by the Turkish prime minister. On this, Mr Erdogan said his government would sincerely consider the idea.
President Zardari was of the view that although Pakistan as well as Turkey have no much resources due to prevailing worldwide financial crunch, their stock markets have ample local currency to meet their economic targets.
He stressed the need for having a currency swap agreement with other neighbouring countries. Such an agreement between Pakistan and China is said to be in an advanced stage.
Briefing media, the spokesman said that the president, during the meeting, reiterated the proposal for upgradation of railway tracks between the two countries and urged the Turkish prime minister to seriously consider the proposal.
He said that Pakistan was eager to further enhance mutual cooperation between the two countries for taking maximum advantage of the existing potential of the two countries and to fully translate their equation into a strategic partnership.
“The railway tracks upgradation project between the two countries was one such step for not only speedy transportation of cargo but would also open new vistas of opportunities for people and would contribute towards economic development,” the president said.
The president said that there was a need to urgently evaluate similar projects so that the next step that involves raising finances could be vigorously pursued.
Mr Babar said the presi dent also felicitated the Turkish prime minister on the vote for a series of democratic measures in the recently held referendum.
He hailed the verdict on reforms package as a triumph of democracy and democratic processes and recalled recent democratic reform in the shape of 18th Constitutional Amendment in Pakistan.
The president also appreciated Turkish government’s generous assistance, both in cash and kind, for providing relief to flood-hit people of Pakistan and also its pledge to actively participate in reconstruction and rehabilitation activities for the flood affected people.
The two sides vowed to increase their trade and investments equations and further cooperate, especially in transport, telecommunications, manufacturing, tourism and other industries.
Discussing the regional situation, the president said that Turkey has an important role to play for not only bringing in socio-economic development in the region but also for the stability of the region.
He said that regional issues can be best addressed by regional powers and finding indigenous solutions.
Currency swap accord with Turkey soon
