Pakistan-Turkey free trade deal talks make progress

Substantial progress achieved on tariff lines proposed for concessions by both sides, says Pakistan's Embassy

Pakistan-Turkey free trade deal talks make progress

World Bulletin / News Desk

The latest round of Pakistani-Turkish free trade talks have concluded with both sides pleased with the progress to date, a Pakistani Embassy statement said Saturday.

“Both sides undertook discussions on Agreement on Goods, Agreement on Services, and Agreement on Investment. Considerable progress was made during the talks on all these agreements,” the statement said of the fifth round held in Ankara on Dec. 21-Dec 23.

“Substantial progress was achieved on the tariff lines proposed for concessions by both sides,” added the statement.

Both sides believe the next round should take place in Islamabad as soon as possible, the statement said.

Mian Asad Hayauddin from Pakistan’s Commerce Ministry led the Pakistani delegation, including representatives from the Industry and Textiles Ministries, Federal Board of Revenue, and Engineering Development Board. The Turkish side was led by Husnu Dilemre, deputy undersecretary of Turkey's Economy Ministry. Pakistan’s Consul in Istanbul Yusuf Junaid and Ambassador to Turkey Sohail Mahmood also took part.

Negotiations over the deal were launched by then-Turkish Prime Minister Ahmet Davutoglu and Pakistani Prime Minister Nawaz Sharif during the latter’s visit to Turkey in October 2015.

Then-Turkish Economy Minister Mustafa Elitas and Pakistani Commerce Minister Khurram Dastgir Khan inked the Free Trade Agreement framework in Islamabad this March.

Last year bilateral trade between the two countries was around $600 million, including $289 million in imports from Turkey.

Turkey mainly exports telecommunications equipment, TVs, textiles, and machinery, while imports from Pakistan include textile yarn, cotton fabrics, plastics, and organic chemicals.

Güncelleme Tarihi: 25 Aralık 2016, 01:06