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Pakistan Turkey Free Trade Agreement Latest News

The Free Trade Agreement between Turkey and Pakistan (also known as the Pakistan-Turkey Free Trade Agreement) is a free trade agreement between Pakistan and Turkey, which is being negotiated. [1] After the conclusion of the free trade agreement between the two countries, bilateral trade could increase from the current $800 million to $5 billion, which would also help reduce the country`s trade and external deficit, Said Muhammad Ahmed Waheed at APP. After Turkish President Recep Tayyip Erdogan`s recent official visit to Pakistan, he hoped the two countries would reach a consensus on the conclusion of the free trade agreement, which would used a new era of growing trade and economic relations between the two countries. ISLAMABAD – The president of the Islamabad Chamber of Commerce and Industry (ICCI), Muhammad Ahmed Waheed, saw huge trade opportunities on Sunday after the signing of the Pakistan-Turkey free trade agreement. “The Turkish government sent a delegation to Pakistan last month and we agreed to improve our trade relations,” said Abdul Razaq Dawood, Pakistan`s Prime Minister`s Adviser on Trade, Textiles, Industry, Production and Investment. After the Prime Minister`s approval, the EUSF project was sent to Turkey on 20 February, which was approved and signed by the two leaders of President Turky`s visit to Pakistan, he said. In response to a question, he replied that the SEF would allow Pakistan duty-free access to potential Turkish markets in order to increase bilateral trade between the two countries. He said two parties had agreed to establish a “scoping list” to examine their respective areas of strength in order to increase the volume of bilateral trade. No further meetings are scheduled at this time and the Ministry of Commerce has formally asked the cabinet to authorize the Turkish refusal to either reduce their additional tariffs or extend the GSP status with the WTO, in accordance with the EU, in order to raise the issue of a trade dispute between the two countries. The two leaders promised to increase the volume of bilateral trade, which currently stands at $800 million.

The decision to open negotiations for a bilateral comprehensive free trade agreement on trade in goods, services and investment was taken at the 4th meeting of the High-Level Strategic Cooperation Council (HLSCC) in Islamabad in February 2015. Free trade negotiations began in October 2015 in Ankara. During the negotiations in Islamabad between 29 and 31 August, the two countries agreed to remove 85% of tariffs. [2] “We can strengthen cooperation with Turkish companies and further extend them from textiles to other potential sectors in order to benefit from their expertise in various sectors, including construction, tourism, mechanical engineering, food processing, chemicals and information technology,” he said. While answering a question about potential new markets for multilateral trade, he said the government needed to explore potential new markets in different parts of the world to increase trade. He added that the government was already working on different regions, such as the Association of Southeast Asian Nations (ASEAN), the African region and North and South America. In response to a question, he replied that cooperation between industry and investment was also on the map through the Memorandum of Understanding between the Turkish and Pakistan Investment Committee for Cooperation and Facilitation in Local Special Economic Zones (SMCs). He added that Pakistan`s 20 high-potential exports could increase from $400 million to $2600 million; While Turkey`s top 20 exports to Pakistan could increase from $200 billion to $2.6 billion.

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