Negotiation on FTA between Pak and Turkey Free to be held in June

The seventh round of negotiations on Pakistan and Turkey Free Trade Agreement (FTA) would be held from June 6-7,2017 in Turkey in order to finalize the agreement. They will also discuss specific sectors including textile during the negotiations.

A senior official of Ministry of Commerce said that 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,

The two sides would be exchanging provisional lists for a final agreement in upcoming round of dialogue. They will holding 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.

The official said that Pakistan will get market space in agriculture and pharmaceutical sectors in Turkey. Pakistan’s major imports from Turkey include manmade textiles, towels, steel structure, tanning and plastic chemicals, processed milk and whey.

Whereas, the country’s major exports to Turkey are denim PET, ethanol, cotton yarn, fabric,garments,leather, carpets, surgical instruments,sports good and chemicals.

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.