Pakistan - Turkey FTA agreement benefits to Pakistan

Pakistan - Turkey FTA agreement benefits to Pakistan

ISLAMABAD: (APP) Free Trade Agreement (FTA) between Pakistan and Turkey to be signed in coming months of May 2017,which would enhance bilateral trade between both of the countries.

Both sides would share provisional list for reaching the final agreement for FTA in coming round of dialogue.

Both of the countries would hold discussions on agreement on goods, services and investment.

Pakistan's trade balance started decreasing at annual rate of 19 percent after additional duties imposed by Turkey in 2011, said a senior official from Ministry of Commerce,talking to APP here on Thursday.

The official said that Pakistan will get market space in agriculture and pharmaceutical sectors.

The official further said that Pakistan's major exports to Turkey are denim PET,ethanol, Cotton yarn,fabric, rice, garments, leather, carpets, surgical instruments,sports good,chemicals.

Pakistan's major imports from Turkey are manmade textiles, towels, steel structure,tanning and plastic chemicals, processed milk and whey,the official said.

Replying to a question, the Commerce Ministry official said that additional tariff imposed by Turkey in 2011 have a targeted impact on Pakistan's major exports, adding that Turkey levied additional duty on 1880 products and Pakistan did the same in response.

This constitutes 17 percent on Turkish imports into Pakistan.

The official further said that after the signing of new FTA with Turkey both the countries will have again the same positive trade balance."