Pakistan to further enhance trade relations with Turkey

[A1Kaid]

Pakistan to further enhance trade relations with Turkey

Wednesday, 01 October 2014 19:55
Posted by Imaduddin


ISLAMABAD: Minister for Commerce Khurram Dastagir Khan said on Wednesday said that Pakistan is keen to boost its trade relations with Turkey and would enhance its meet, wheat, mangoes and other agricultural products exports to the country.
"There exists a lot of potential for investment and trade between the two brotherly countries and these would be exploited for the benefit of the people of the two countries", he told Ambassador of Turkey to Pakistan Sadik Babur Girgin who called on the Minister here today.

He said that Pakistan would make efforts for implementation and improvement of Pakistan Standard and Quality Control Authority and get quality standards certificates of international standards and in this connection the country would seek cooperation and assistance of Turkey for enhancing its quality standards of the products.

Through these activities Pakistan can enhance its exports to international markets for the benefit of the country.

He added for the establishment of quality standards in the country ,private sector would be assisted for the setting up of quality control laboratories in the country.

Khurram Dastagir Khan said that in line with the vision of Prime Minister Nawaz Sharif vision Pakistan would sign trade agreements with neighboring countries in the region for enhancing its exports.

Pakistan to further enhance trade relations with Turkey

 

[Kompromat]

ECO should be an FTA organization.

 

[A1Kaid]

Total trade volume between Pakistan and Turkiye is $1+ billion. The two countries are also close to signing a "preferential trade agreement".

Pakistan and Turkey Inch Closer to Preferential Trade Agreement
The agreement will increase the volume of bilateral trade and improve economic relations.


By Ankit Panda
August 08, 2014


Pakistan and Turkey are on the cusp of signing a preferential trade agreement (PTA). According to reports in the Pakistani press, Turkey is willing to sign the accord immediately but Islamabad is accused of delaying the agreement. The pact would help the Pakistani economy gain access to a growing market in Turkey and help bolster economic growth. Specifically, the agreement will “provide concessions on a number of goods to Pakistan’s exporters, who would have the advantage to smoothly penetrate into the Turkish market.” Total trade volume between the two countries reached close to $1 billion in 2010.

Turkish officials note that “nothing is pending from the Turkish side but it is being delayed by the Pakistani government.” The PTA has been in the works between the two countries since at least 2005. According to the most recent data, bilateral trade is heavily in favor of Pakistan and largely imbalanced. Turkey maintains a $500 million trade deficit with Pakistan, according to official Turkish government data. Bilateral investment inflows are growing on both sides. Turkey is a major investor in construction projects in Pakistan, and Pakistan invests in several fast-growing Turkish industries.

Noting the scope for improvement in bilateral economic ties, Murat Mutsu, a Turkish diplomat at the Consulate General of Turkey in Karachi, notes: “It is the desire of the Turkish government to strengthen trade ties with Pakistan. We must make efforts to increase the trade volume and investments in both countries.”

The specifics of why Islamabad is delaying the signing of the PTA are somewhat mysterious. It isn’t likely that Islamabad is looking to improve the terms of the PTA at this time, as negotiations have concluded.

Pakistan and Turkey Inch Closer to Preferential Trade Agreement | The Diplomat