Pakistan, Turkiye sign 24 agreements to boost bilateral trade

Prime Minister Shehbaz Sharif and Turkey’s President Recep Tayyip Erdogan signed several agreements on Thursday to strengthen bilateral relationships between Pakistan and Turkey.

The Turkish president arrived in Islamabad shortly after midnight on Thursday and was received by the prime minister and President Asif Ali Zardari in Rawalpindi.

Speaking after the agreement-signing ceremony, PM Shehbaz said, “On behalf of the people of Pakistan, my government, and myself, I would like to extend a heartfelt welcome to Pakistan, to your second home. It is wonderful to have you here after five years.”

President Erdogan expressed his gratitude to PM Shehbaz for the warm welcome and said, “In the seventh session of our council, which we just concluded, we have agreed to further strengthen our relations.”

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Officials have planned to boost bilateral trade from $1 billion to $5 billion, with new memorandums of understanding (MoUs) anticipated in trade liberalization, investment facilitation, and the removal of non-tariff barriers.

Defence cooperation remains a key pillar of Pakistan-Turkey relations. According to the 2023 Stockholm International Peace Research Institute (SIPRI) report, Turkey is Pakistan’s second-largest arms supplier, accounting for 11% of its total arms imports. The defense partnership has grown significantly, with joint projects such as the Milgem warships, aircraft modernization, and drone acquisitions deepening military collaboration.