Pakistan, Turkey Could Increase Bilateral Trade Between Through FTA

Free Trade Agreement (FTA) between Pakistan and Turkey could potentially increase bilateral trade with direct impact in the emerging geo-political scenario, said Secretary General of The Businessmen Panel (BMP-Federal) and former chairman of FPCCI standing committee Ahmad Jawad on Monday

KARACHI, (UrduPoint / Pakistan Point News - 21st Jan, 2019 ) :Free Trade Agreement (FTA) between Pakistan and Turkey could potentially increase bilateral trade with direct impact in the emerging geo-political scenario, said Secretary General of The Businessmen Panel (BMP-Federal) and former chairman of FPCCI standing committee Ahmad Jawad on Monday.

Talking to APP here, Jawad said the relations between the two countries had always been good as both nations share the same broader cultural roots.

Mentioning that Turkey in a short span of time has registered phenomenal growth in the sphere of economy, he said this could be replicated in Pakistan through a pragmatic approach.

In reply to a question, he agreed that there currently exists a trade imbalance between the two countries which could be corrected through efficient application of FTA.

"We need to remember that Turkey is comparatively small country with a population of 80 million and a GDP that globally ranks at 7th position with $ 858 billion in 2016 while Pakistan is positioned at 40 with GDP of $ 284 billion despite huge population of 210 million people," said the senior member of country's business community.

Jawad hoped with new Economic Framework Agreement and FTA trade activities would increase and achieve the initial target worth USD two billion trade between the two countries.

"The current volume of trade ranging around USD 650 million does not reflect the close relations between both countries and the opportunities therein," he emphasized.

To another query, he said seven rounds of negotiations have taken place till 2018 wherein both countries had agreed to reduce customs and regulatory duties by 85 percent, however, the agreement is yet to be formalized.

Ahmad Jawad was also of the opinion that forums of D-8 and ECO Chamber of Commerce needed to be used to improve regional coordination and business relations between Pakistan, Iran and Turkey with a practical proposal.

"In fact, emerging geo-political scenarios and economic crises have brought the two countries even closer to each other," he said and added that it may rightly expected, that close cooperation between Pakistan and Turkey in context of FTA will be fruitful and also ensure peace, stability and development in the region.

Reminding that high-level delegations from different countries have been visiting Pakistan to renew their relations with new Pakistani government, he said Turkey and Azerbaijan were the only countries that openly support the stance of Pakistan about Indian held Kashmir.

"Turkey has repeatedly demanded, at international level, that the dispute can only be resolved through dialogue and diplomacy and not through use of force," he added.