The seventh round of negotiations on Free Trade Agreement (FTA) between Pakistan and Turkey would be held from June 6-7,2017 in Turkey in order to finalize the agreement.
Pakistan and Turkey will also discuss specific sectors including textile during the negotiations. Pakistan and Turkey’s Free Trade Agreement (FTA) will be signed on August 14, of this year for enhancing the bilateral trade between two countries,a senior official of Ministry of Commerce told APP here.
He said the two sides would exchange provisional lists for a final agreement in upcoming round of dialogue. “Pakistan’s trade balance with Turkey remained positive until 2011, however, it started decreasing since 2011, when additional duties on various commodities were imposed by the two countries,”he said. The official said the two sides will hold discussions on agreement on goods,services and investment.
After signing of new FTA with Turkey, both the countries, gain will be able to improve their trade balance, he added. The official said that Pakistan will get market space in agriculture and pharmaceutical sectors in Turkey. He said that Pakistan’s major imports from Turkey include manmade textiles, towels, steel structure, tanning and plastic chemicals, processed milk and whey. Whereas, he said the country’s major exports to Turkey are denim PET, ethanol, cotton yarn, fabric and rice, garments,leather, carpets, surgical instruments,sports good, chemicals.