KARACH – Free Trade Agreement (FTA) between Pakistan and Turkey couldpotentially increase bilateral trade with direct impact in the emerginggeo-political scenario, said Secretary General of The Businessmen Panel(BMP-Federal) and former chairman of FPCCI standing committee Ahmad Jawadon Monday.Talking to APP here, Jawad said the relations between the two countrieshad always been good as both nations share the same broader cultural roots.Mentioning that Turkey in a short span of time has registered phenomenalgrowth in the sphere of economy, he said this could be replicated inPakistan through a pragmatic approach.In reply to a question, he agreed that there currently exists a tradeimbalance between the two countries which could be corrected throughefficient application of FTA.”We need to remember that Turkey is comparatively small country with apopulation of 80 million and a GDP that globally ranks at 7th position with$ 858 billion in 2016 while Pakistan is positioned at 40 with GDP of $ 284billion despite huge population of 210 million people,” said the seniormember of country’s business community.Jawad hoped with new Economic Framework Agreement and FTA trade activitieswould increase and achieve the initial target worth USD two billion tradebetween the two countries.”The current volume of trade ranging around USD 650 million does notreflect the close relations between both countries and the opportunitiestherein,” he emphasized.To another query, he said seven rounds of negotiations have taken placetill 2018 wherein both countries had agreed to reduce customs andregulatory duties by 85 percent, however, the agreement is yet to beformalized.Ahmad Jawad was also of the opinion that forums of D-8 and ECO Chamber ofCommerce needed to be used to improve regional coordination and businessrelations between Pakistan, Iran and Turkey with a practical proposal.”In fact, emerging geo-political scenarios and economic crises have broughtthe two countries even closer to each other,” he said and added that it mayrightly expected, that close cooperation betweenPakistan and Turkey in context of FTA will be fruitful and also ensurepeace, stability and development in the region.Reminding that high-level delegations from different countries have beenvisiting Pakistan to renew their relations with new Pakistani government,he said Turkey and Azerbaijan were the only countries thatopenly support the stance of Pakistan about Indian held Kashmir.”Turkey has repeatedly demanded, at international level, that the disputecan only be resolved through dialogue and diplomacy and not through use offorce,” he added.
Pakistan 40th big economy of the World with GDP of 284 billions
