Pak-Turkey to sign FTA on 14 August

Pakistan and Turkey’s Free Trade Agreement (FTA) will be signed on August 14, for enhancing the bilateral trade between two countries. The seventh round of negotiations between the two countries on Free Trade Agreement (FTA) was milestone to reach the final agreement.

Secretary Ministry of Commerce Younas Dhaga led Pakistan’s delegation in negotiation on FTA between Pakistan and Turkey. Pakistan and Turkey discussed the specific sectors including textile sector during the negotiation, a senior official of Ministry of Commerce said.

The two sides exchanged provisional lists for a final agreement in round of negotiation.

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.

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 and rice, garments, leather, carpets, surgical instruments, sports good, chemicals.

The official said that after signing the FTA agreement Pakistan will get market space in agriculture and pharmaceutical sector in Turkey.