Pakistan - Turkey Usher in Free Trade Framework

[AZADPAKISTAN2009]

Turkey, Pakistan sign free trade agreement framework - BUSINESS


Turkey and Pakistan have paved the way for a new free trade deal, which has the potential to reduce barriers in bilateral trade and investment.

Turkish Economy Minister Mustafa Elitaş and Pakistani Commerce Minister Khurram Dastgir Khan inked the free trade agreement framework in the Pakistani capital of Islamabad on March 22.

The free trade agreement between the two countries was expected to be signed before the end of 2016.

Elitaş discussed with Khan a number of ways to further enhance trade and economic cooperation between the two countries.

Negotiations over the deal were launched by Turkish Prime Minister Ahmet Davutoğlu and Pakistani Prime Minister Nawaz Sharif during the latter’s visit to Turkey in October 2015.

Last year, bilateral trade was around $600 million, including $289 million in imports from Turkey.

Turkey mainly exports telecommunication equipment, televisions, textiles and machinery, while imports from Pakistan include textile yarn, cotton fabrics, plastics and organic chemicals.

Elitaş said the two nations can increase bilateral trade to $2 billion, if the governments and private sector “paddle faster.”

“Technical teams from the countries will start negotiations on goods and services after signing the framework agreement,” Elitaş said.

“The Turkish contractor sector has undertaken 45 projects, mainly energy and infrastructure, worth $2.9 billion to date in Pakistan,” he said.

 

[KediKesenFare3]

Pakistani envoy hopeful of free trade deal with Turkey
Sohail Mahmood says he expects agreement to be finalized within months
Editor / Internet
12:38 June 05, 2016
Anadolu Agency
18

Pakistan hopes to sign a free trade agreement with Turkey by the end of summer, the country's ambassador in Ankara has said.

Sohail Mahmood told Anadolu Agency the deal should be finalized by September. Talks were launched in October last year during a visit to Turkey by Pakistani Prime Minister Nawaz Sharif.

“Many Turkish firms are operating in Pakistan, mainly in the construction and energy sectors, and there should be more trade activities between the two countries," Mahmood said in an interview conducted on Friday during a visit to the central Anatolian city of Konya for an art award ceremony.

“The free trade agreement could help to boost economic cooperation between Turkey and Pakistan. We expect to get a result and sign the agreement in September."

Last year, trade between the countries reached $600 million. Turkish exports around $289 million worth of goods to Pakistan, mostly telecommunications, televisions, textiles and industrial machinery.

Mahmood also reiterated Pakistan's support for Turkey's fight against terrorism. “Turkey is a very strong country," he said. “I hope that this fight will be finalized and Turkey will defeat terrorism."

http://www.yenisafak.com/en/world/pakistani-envoy-hopeful-of-free-trade-deal-with-turkey-2476202

 

[PAKISTANFOREVER]

Turkey, Pakistan sign free trade agreement framework - BUSINESS


Turkey and Pakistan have paved the way for a new free trade deal, which has the potential to reduce barriers in bilateral trade and investment.

Turkish Economy Minister Mustafa Elitaş and Pakistani Commerce Minister Khurram Dastgir Khan inked the free trade agreement framework in the Pakistani capital of Islamabad on March 22.

The free trade agreement between the two countries was expected to be signed before the end of 2016.

Elitaş discussed with Khan a number of ways to further enhance trade and economic cooperation between the two countries.

Negotiations over the deal were launched by Turkish Prime Minister Ahmet Davutoğlu and Pakistani Prime Minister Nawaz Sharif during the latter’s visit to Turkey in October 2015.

Last year, bilateral trade was around $600 million, including $289 million in imports from Turkey.

Turkey mainly exports telecommunication equipment, televisions, textiles and machinery, while imports from Pakistan include textile yarn, cotton fabrics, plastics and organic chemicals.

Elitaş said the two nations can increase bilateral trade to $2 billion, if the governments and private sector “paddle faster.”

“Technical teams from the countries will start negotiations on goods and services after signing the framework agreement,” Elitaş said.

“The Turkish contractor sector has undertaken 45 projects, mainly energy and infrastructure, worth $2.9 billion to date in Pakistan,” he said.

Mashallah. It's always brilliant to see 2 brother nations working together. May Pakistan and Turkey grow strong, bonded and prosperous together Inshallah.

 

[Gentelman]

A step in right direction...
After CPEC, we can convince turkish firms to do investment in semiconductors and basic silicon industry on Pakistan. There is a huge potential as we basically are exportors of raw and importors of finished goods...