Pakistan-Türkiye, TGA To Be Catalysts For Bilateral Economic Trade Integration: Commerce Minister

Federal Minister for Commerce, Jam Kamal Khan on Thursday said that Pakistan-Türkiye Trade in Goods Agreement (TGA) will be catalysts for economic and trade integration between both of the countries

ISLAMABAD, (UrduPoint / Pakistan Point News - 13th Feb, 2025) Federal Minister for Commerce, Jam Kamal Khan on Thursday said that Pakistan-Türkiye Trade in Goods Agreement (TGA) will be catalysts for economic and trade integration between both of the countries.

The recent initiatives to upgrade the Pakistan-Türkiye Trade in Goods Agreement (TGA) and explore opportunities in digital trade and services will serve for enhanced economic engagement, the Minister said.

Federal Minister for Commerce, Jam Kamal Khan said this in addressing the Pakistan-Türkiye Business Forum here and highlighted the different aspects of bilateral economic and trade relations.

Jam Kamal said that by aligning our industrial strategies, both sides can increase production efficiencies, enhance export capabilities, and strengthen our positions in global value chains. Initiatives such as the Islamabad-Tehran-Istanbul (ITI) Railway Corridor will further strengthen trade connectivity and ensure seamless logistical integration.

He said that these efforts will open new pathways for collaboration in IT, telecommunications, logistics, and financial services, allowing businesses from both nations to thrive in a dynamic global market.

Türkiye’s advancements in fintech, IT, ITeS, the automotive sector, textiles, leather, and machinery present a unique opportunity for Pakistan to leverage expertise and technology transfers, he said.

The commerce minister said “We must work together to establish joint ventures in these areas, facilitating the co-development of high-value products and solutions. Through joint manufacturing and service hubs, we can optimize supply chains and enhance regional market access.”

It is a great honor and privilege to address this esteemed gathering at the Pakistan Türkiye Business Forum.

Today, “we celebrate the enduring brotherhood between Pakistan and Türkiye—a relationship rooted in history, shared values, and a shared vision for economic prosperity” he said.

Jam kamal said that economic ties have seen significant progress, yet there remains untapped potential and to fully capitalize on our strong bilateral relations, “we must deepen sector-specific cooperation, strengthen trade facilitation mechanisms, and create an ecosystem that fosters investment and industrial collaboration.”

The Minister said that Pakistan’s competitive workforce and Türkiye’s strategic geographical position provide the perfect synergy for deeper economic integration.

Furthermore, both of the countries encourage greater engagement through business forums, trade exhibitions, and B2B networking platforms, fostering long-term partnerships between enterprises from both nations, he said.

He said that the Special Investment Facilitation Council (SIFC) remains committed to ensuring a streamlined and investor-friendly environment for Turkish businesses looking to expand in Pakistan.

As “We navigate the rapidly evolving digital landscape, Pakistan and Türkiye must enhance cooperation in fintech, digital payments, AI, and cybersecurity. By fostering innovation-driven partnerships, we can position our economies for sustained growth in the global digital economy” he said.

"In a heartfelt address, the speaker expressed deep gratitude to the Minister of Trade of Türkiye, Prof Dr Ömer Bolat, for his leadership in advancing bilateral trade initiatives, and to President Recep Tayyip Erdogan for his steadfast commitment to strengthening the Pakistan-Türkiye relationship.

The speaker also urged the esteemed business leaders present to capitalize on the vast opportunities available between the two nations, concluding with a call to forge a path of shared prosperity and enhanced economic collaboration."