Pakistan, Turkey to hold seventh round on free trade negotiations soon

The seventh round of negotiations on Free Trade Agreement (FTA) to be held between Pakistan and Turkey to finalize the agreement by the end of May 2017. The two sides would exchange provisional lists for a final agreement in upcoming round of dialogue.

A senior official of the Ministry of Commerce said that during the negotiation, the two Countries would also discuss specific sectors including textile sector. Also the two sides would hold discussions on agreement on goods, services and investment.

After signing of new FTA, both the Countries would be able to improve their trade balance.

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 exports to Turkey were denim PET, ethanol, cotton yarn, fabric and rice, garments, leather, carpets, surgical instruments, sports good and chemicals.

Pakistan would get market space in agriculture and pharmaceutical sector in Turkey.

While, Pakistan’s major imports from Turkey included manmade textiles, towels, steel structure, tanning and plastic chemicals, processed milk and whey.