ISLAMABAD: President Islamabad Chamber of Commerce and Industry (ICCI)Muhammad Ahmed Waheed has observed huge trade opportunities aftersigning of FreeTrade Agreement (FTA) between Pakistan and Turkey and said it would alsohelp balance the trade volume between the two sides.
After finalising the FTA between the two countries, bilateral trade couldincrease from existing $ 800 million to $ 5 billion, which would also helpdecreasing the country’s trade and foreign account deficit, Muhammad AhmedWaheed told state-run news agency here.
After the recent official visit of Turkish President RecepTayyip Erdogan toPakistan, he hoped that both the countries evolved consensus for finalisingthe FTA, which would start a new era of growing trade and economicrelations between the two countries.key ready to join CPEC projects,Erdogan sayslink
The president ICCI said the 9th round of negotiation on FTA had completedbetween the two country and before the 10th round of negotiation, bothsides had agreed to formalise a Pakistan-Turkey Strategic EconomicFramework (SEF) during Prime Minister Imran Khan’s visit to Turkey inJanuary this year and a committee was also formed to finalize the SEFdraft.
Now after the approval by the prime minister, the SEF draft was sent toTurkey on February 20 which has now been approved and signed by both ofleaders in Turky’s President visit to Pakistan, he said.
Replying to a question, he said that through the SEF, Pakistan would gettariff free access in potential Turkish markets to increase the bilateraltrade between the two countries.
He informed that two sides had agreed to prepare a “scoping list” toexamine their respective sectors of strength, with an ultimate aim to boostthe bilateral trade volume.
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He further said that Pakistan’s top 20 high-potential exports could go upfrom $400 million to $2,600 million while Turkey’s top 20 high potentialexports to Pakistan could be enhanced to $2.6 billion from $200 million. Hesaid that major exports to Turkey included denim PET, ethanol, cotton yarn,fabric and rice, garments, leather, carpets, surgical instruments, sportsgoods, and chemicals. Ahmed Waheed said the two sides held discussions ongoods, services and investment.
After signing a new FTA, the two countries would be able to improve theirtrade balance, he added. He said after the finalisation of FTA, Pakistanwould get market space in agriculture and pharmaceutical sectors in Turkey.
Replying to another question, he said that Pakistan’s major imports fromTurkey included manmade textiles, towels, steel structure, tanning andplastic chemicals, processed milk and whey.
Through the FTA, both sides would also enhance the business to businessrelations and cooperation between the business communities of the twocountries.
