The Free Trade Agreement—FTA is likely to be signed between Pakistan and Turkey by the mid of June, as per the information revealed by a senior official in the Ministry of Commerce.
The decision in this matter was made after the 9th round of negotiation was completed between the two sides.
While talking to APP, the official said that during the last round of negotiation, the two sides mutually approved the final tariff lines of Turkey and also made an agreement to give duty-free access to the local textile products in its market. The dialogues on the Free Trade Agreement between the two countries would reach finality in the month of June, after a final agreement to boost the bilateral trade, the official informed.
He also added that Pakistan would be finalising the FTA with Turkey under the Pakistan-Turkey Strategic Economic Framework (SEF) plan of action. He said that the suggested sectors for promoting the cooperation encompass the tourism, textile, culture, auto industry, banking and finance, agriculture and investment in the industrial cooperation.
The official further mentioned that Turkey has also agreed on a treatment basis to offer the lowest tariff on all tariff lines which were given to the other trading partners in the past.
The ministry official also said that via the FTA, both the sides have made the agreement to boost the business to business ties for promoting cooperation between the business communities of both the nations.
While responding to a question, he said that the industrial and investment cooperation was also in plans via the Memorandum of Understanding (MoU) between the boards of the two nations for providing cooperation and facilitation in the local Economic Zones (SEZs).
He added that the two nations could increase the trade to $6.5billion in just the short period from the current level of $6billion.
Pakistan’s major exports to Turkey include garments, ethanol, carpets, surgical instruments, denim PET, cotton yarn, rice, sports goods, leather and chemicals.