Home Local Pak-Turkey FTA gets a green signal

Pak-Turkey FTA gets a green signal

95
0
Pak-Turkey FTA gets a green signal

The Free Trade Agreement (FTA) between Pakistan and Turkey is likely to be signed by mid of June. After the 9th round of bilateral negotiations, the beneficial decision was made. Final tariff lines have been agreed and Turkey also got ready to give duty-free access to the local textile product in its market.

The official said that Pakistan would finalize FTA with Turkey, under the Pakistan-Turkey Strategic Economic Framework (SEF) plan of action. He added that the proposed sectors for enhancing the cooperation include textile, tourism, and culture, investment in industrial cooperation, auto industry, agriculture, banking, and finance. Turkey has also agreed on treatment basis of offering the lowest tariff on all tariff lines which was given to the other trading partners in the past.

Through the FTA, both sides have agreed to increase business to business relations to enhance cooperation between the business communities of the two countries.

The official further explained that industrial and investment cooperation was also on the card through the Memorandum of Understanding (MOU) between Board of investment of Turkey and Pakistan for cooperation and facilitation in local Special Economic Zones (SEZs).

Mutual trade will be raised to 6.5 billion USD from 6 billion USD in the short term. Pakistan’s top 20 high-potential exports can go up from 400 million USD to 2.6 billion USD, while Turkey’s top 20 high potential exports to Pakistan can be enhanced to 2.6 billion USD from 200 million USD. The country’s major exports to Turkey include denim PET, ethanol, cotton yarn, fabric, rice, garments, leather, carpets, surgical instruments, sports goods, and chemicals.

LEAVE A REPLY

Please enter your comment!
Please enter your name here