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ISLAMABAD: Turkiye has expressed its willingness to increase bilateral trade with Pakistan to at least five billion dollars in the next two to three years.
The willingness was shown by Turkiye’s ambassador to Pakistan Dr Mehmet Pacaci during his conversation with a delegation of Islamabad Chamber of Commerce and Industry .
On this occasion, he said both countries have good potential to further enhance two-way trade volume in many items.
Dr Mehmet Pacaci proposed to form a committee, comprising representatives of all stakeholders from both sides, to discuss options and modalities for trade promotion between the two countries through railways and roads links.
According to latest data made available in August this year, Pakistan and Turkiye stood at $883 million in fiscal year 2021-22 with Pakistan’s exports amounting to $366 million and imports standing at $517 million. The balance of trade was in favour of Turkey with a negative trade balance of $151 million for Pakistan in FY22.
On August 12, Pakistan and Turkiye signed a Preferential Trade Agreement (PTA) aimed at boosting trade in goods between the two countries. The agreement includes comprehensive provisions on bilateral safeguards, balance of payments exceptions, dispute settlement and periodic review of the agreement.
The Trade in Goods Agreement was expected to help to achieve the strategic goal of taking bilateral trade to $5 billion in the medium term.
