Pakistan, Turkiye to expand Strategic Economic Framework during Erdogan’s visit

Pakistan and Turkiye are set to expand their Strategic Economic Framework (SEF), including the Trade in Goods Agreement (TGA), during Turkish President Recep Tayyip Erdogan’s visit to Islamabad next week. 

The discussions will focus on investment, digital trade, the removal of non-tariff barriers, and further tariff concessions to enhance bilateral trade and investment.

According to media reports, Erdogan is scheduled to arrive in Islamabad on February 12 for a two-to-three-day visit, where he will attend the 7th High-Level Strategic Cooperation Council (HLSCC) session on February 13. This will mark the first meeting of the council in nearly four years. 

The Ministry of Foreign Affairs (MoFA) is finalising the roadmap to strengthen economic, trade, and investment ties between the two countries, with the possibility of expanding the existing 71-point SEF action plan or introducing new agreements based on Turkey’s proposals.

A key objective of the visit is to address trade stagnation between the two nations, which currently stands at approximately $1.3 billion. Both countries aim to push this figure to $5 billion through expanded cooperation. 

Talks will focus on trade liberalization, market access challenges faced by Pakistan’s textile sector in Turkey, and further integration of digital trade, including IT and e-commerce, to enhance business opportunities.

From January to November 2024, Turkiye imported goods worth $396 million from Pakistan, with projections suggesting the total could reach $440 million by the end of the year. Major Pakistani exports to Turkiye include cotton yarn, textiles, iron and steel, arms and ammunition, rubber products, surgical goods, and sports equipment.