Pakistan and Turkey Agree to Increase Trade to $5 billion by 2023 – Research Snipers

Pakistan and Turkey Agree to Increase Trade to $5 billion by 2023

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On Friday, Pakistan and Turkey signed more than a dozen pacts especially the declaration of the Strategic Economic Framework. The aim of these pacts is to increase the bilateral trade volume between Pakistan and Turkey. It will increase the existing $800 million trade between the two countries to $1 billion in the short-term while the target is $5 billion.

Turkish President Recep Tayyip Erdogan said that bilateral trade between the two countries would be increased to $5 billion by 2023. In April, Pakistan and Turkey will further negotiate to finalize a Free Trade Agreement (FTA).

At a ceremony held at the PM House in the presence of Prime Minister Imran Khan and Turkish President Recep Tayyip Erdogan, the documents that include agreements, protocols, and memorandums of understanding (MoUs) were signed in a ceremony aiming to boost the present bilateral ties in tourism, defense, and infrastructure development fields.

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After a one-on-one meeting between PM Imran and President Erdogan by the Plenary Session of the 6th round of Pakistan-Turkey High-Level Strategic Cooperation Council co-chaired by the two leaders, this ceremony was held.

The Pakistani prime minister and the Turkish president themselves signed the Strategic Economic Framework  

PM Imran while addressing a joint news conference with the Turkish president said, “We have to benefit from the experience of Turkey especially in the tourism sector through which it generates $35 billion revenue per year.”

Also read: PM Khan to Invite Turkey to Join CPEC Projects

The PM said that Pakistan wants to benefit from the achievements of Turkey in the construction sector for providing affordable housing.

He said, “We also want to benefit from how it [Turkey] has boosted its economy, checked debts, including the IMF loans, and achieved a turnaround.”

Adding, “Giving jobs to the youth is very important for Pakistan and it will also benefit from Turkey’s experience in industrialization.”

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