“Free Trade Agreement (FTA) between Pakistan and Turkey, would also help to create huge trade opportunities and balancing the trade volume between the two sides,” said the President Islamabad Chamber of Commerce and Industry (ICCI) Mr. Muhammad Ahmed Waheed.
After signing the FTA between Pakistan and Turkey, the mutual trade could raise from the current $800 million to $5 billion which would also help to decrease the country’s trade and foreign account deficit.
The recent visit of Turkish President Mr. Recep Tayyip Erdogan to Pakistan would enhance economic relations between the two countries.
Mr. Muhammad Ahmed Waheed informed that both countries agreed to make a list of the sectors which can contribute to boosting the bilateral trade. “Pakistan’s top 20 high-potential exports could go up from $400 million to $2,600 million; while Turkey’s top 20 high potential exports to Pakistan could be enhanced to $2.6 billion from $200 million,” he added.
The major exports to Turkey include denim PET, ethanol, cotton yarn, fabric and rice, garments, leather, carpets, surgical instruments, sports goods, and chemicals. Whereas, Pakistan’s major imports from Turkey included manmade textiles, towels, steel structure, tanning, plastic chemicals, and processed milk.
Free Trade Agreement will also enhance the business-to-business relations between both counties. Replying to a question, Mr. Ahmad Waheed said, “ We can increase cooperation with Turkish companies and expand it more from textiles to other potential sectors for benefiting from their expertise in different sectors, mainly construction, tourism, engineering, food processing, chemicals, and information technology.”