Agreement set for signing on Aug 14
Islamabad/Ankara: In search of a final agreement, the seventh round of negotiations on Free Trade Agreement (FTA) between Pakistan and Turkey were being held in Ankara these days.
Younas Dhaga, Secretary Ministry of Commerce, was leading Pakistan’s delegation in the on-going FTA talks. Pakistan and Turkey will also discuss specific sectors, including textile, during the negotiations, a senior official of ministry of commerce told APP here Wednesday.
To enhance bilateral trade between the two nations, the two sides, the official said, would exchange provisional lists for a final agreement in the upcoming round. Free Trade Agreement (FTA) between Pakistan and Turkey is scheduled for signing on August 14 this year.
“Pakistan’s trade balance with Turkey had remained positive until 2011. But it started decreasing after 2011 as a consequence of additional duties having been imposed by the two countries on various commodities,” he said.
The official said, the two sides carrying discussions to reach agreement on goods, services and investment. After signing of new FTA with Turkey, both countries are likely to gain in terms of improving their trade balance, he added.
The official said that Pakistan will get market access in Turkey in agricultural products and pharmaceutical sector. Pakistan’s major imports from Turkey include man-made textiles, towels, steel structure, tanning and plastic chemicals, processed milk and whey. At the same time, the country’s major exports to Turkey were rice, denim PET, ethanol, cotton yarn, fabric, garments, leather, carpets, surgical instruments, sports goods and chemicals.
