ISLAMABAD President Islamabad Chamber of Commerce and Industry (ICCI), Ahsan Zafar Bakhtawari has also expressed his satisfaction over the fact that the Pakistan -Turkiye Trade in Goods Agreement had been signed between the two governments and now there is to benefit from this agreement.
The President ICCI apprised reporter here on Tuesday, that in the fiscal year 2023-24, the bilateral trade volume between the two brotherly countries has crossed $1 billion after a long hiatus of ten long years and has climbed up to $1.1 billion per year.
Now, he expected, the bilateral trade volume would get a boost in the near future.
Pakistani exporters should target value-added textiles; sports goods; surgical equipment; rice, fruits and vegetables, and construction materials.
The President Faisalabad Chamber of Commerce and Industry (ICCI), Dr. Khurram Tariq explained that a very rigorous and regular consultative process had continued in the federal ministry of commerce for a period of years, and representatives of
the trade and industrial community of the country were duly consulted on Pakistan Turkey trade..
The main import items from Turkiye to Pakistan are Cotton, textile yarn, fabrics, textile machinery general industrial machinery and equipment, manufacturers of metal, chemical materials, and products
The main export from Pakistan to Turkiye are Cotton fabrics, articles of apparel, clothing accessories, synthetic dyes and color lakes, polyvinyl chloride (PVC), rubber tyres
The Free Trade Agreement between Pakistan and Turkey is likely to be signed by the start of the coming year 2024, a senior official in the Ministry of Commerce told reporter here.
Talking to reporter, the official informed that during the last round of negotiation, the two sides agreed on a final list of tariff lines and Turkey also got ready to give duty-free access to local textile products in its market.
The dialogue on FTA between Pakistan and Turkey would conclude; followed by a final agreement to boost bilateral trade, he said.
The o
fficial said that Pakistan would finalize the FTA with Turkey, under the Pakistan-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, auto industry, agriculture, banking, and finance.
Turkey, he said, also agreed on the treatment basis of offering the lowest tariff on all tariff lines which was given to the other trading partners in the past.