Pak-Turkiye Trade in Goods Agreement Lauded by Business Community
Published on: October 31, 2023.
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President of the Islamabad Chamber of Commerce and Industry (ICCI), Ahsan Zafar Bakhtawri, expressed his satisfaction with the signing of the Pakistan-Turkey Trade in Goods Agreement between the two governments. He emphasized the benefits that will result from this agreement.
In the fiscal year 2023-24, the bilateral trade volume between Pakistan and Turkey reached $1 billion after a ten-year hiatus. Now, it has further climbed to $1.1 billion per year, and there are expectations that the trade volume will continue to grow in the near future.
Bakhtawri suggested that Pakistani exporters should focus on value-added textiles, sports goods, surgical equipment, rice, fruits and vegetables, and construction materials to take full advantage of the opportunities presented by the agreement.
Dr. Khurram Tariq, President of the Faisalabad Chamber of Commerce and Industry (FCCI), highlighted the extensive consultative process that took place in the Federal Ministry of Commerce over the years. Representatives of the trade and industrial community were actively involved in discussions regarding Pakistan-Turkey trade.
Regarding imports from Turkey to Pakistan, the main items include cotton, textile yarn, fabrics, textile machinery, general industrial machinery and equipment, metal manufacturers, and chemical materials and products.
On the other hand, Pakistan’s major exports to Turkey consist of cotton fabrics, apparel, clothing accessories, synthetic dyes and color lakes, polyvinyl chloride (PVC), and rubber tires.
A senior official in the Ministry of Commerce disclosed that the Free Trade Agreement (FTA) between Pakistan and Turkey is expected to be signed early in 2024. The recent negotiation round resulted in an agreement on a final list of tariff lines, with Turkey agreeing to provide duty-free access to local textile products in its market.
The conclusion of the dialogue on the FTA will be followed by a final agreement aimed at boosting bilateral trade. The FTA will be finalized under the Pakistan-Turkey Strategic Economic Framework (SEF) plan. The proposed sectors for cooperation include textile, tourism and culture, investment in industrial cooperation, auto industry, agriculture, banking, and finance.
Turkey has also agreed to offer the lowest tariffs on all tariff lines, consistent with what it has offered to other trading partners in the past.
Source: [UrduPoint](https://www.urdupoint.com)
