ISLAMABAD – The Free Trade Agreement between Pakistan and Turkey is likelyto be signed by mid of June, a senior official in ministry of Commerce said.
The decision in this regard was made after the conclusion of 9th round ofnegotiation between the two sides.
Talking to APP, the official informed that during the last round ofnegotiation the two sides agreed on of final list of tariff lines andTurkey also got ready to give duty free access to local textile product inits market.
The dialogue on FTA between the Pakistan and Turkey would conclude in June;followed by final agreement to boost bilateral trade,he said.
The official said that Pakistan would finalise FTA with Turkey, under thePakistan-Turkey Strategic Economic Framework (SEF) plan of action.
He said the proposed sectors for enhancing the cooperation include textile,tourism and culture, investment in industrial cooperation, autoindustry,agriculture, banking and finance. Turkey, he said was also agreedon treatment basis of offering lowest tariff on all tariff lines which wasgiven to the other trading partners in past.
He said Turkey also agreed to grant of Generalized Schme of Prefernece(GSP) –Plus being member of Europeon Union (EU) Customs Union.
Through the FTA both side was agreed for increasing business to businessrelations for enhancing cooperation between the business community of thetwo coubtries.
Replying to a question, he said that industrial and investment cooperationwas also on the card through the Memorandum of Understanding (MOU) betweenBoard of investment of Turkey and Pakistan for cooperation and facilitationin local Special Economic Zones (SEZs).
He said the two countries can increase bilateral trade to $6.5 million inthe near-term from the existing level of $6 billion.
Pakistan’s top 20 high-potential exports can go up from $400 million to$2.6 billion, while Turkey’s top 20 high potential exports to Pakistan canbe enhanced to $2.6 billion from $200 million.
The country’s major exports to Turkey included denim PET, ethanol, cottonyarn, fabric and rice, garments, leather, carpets, surgical instruments,sports goods, and chemicals.