ISLAMABAD, Pakistan: Pakistan and Turkey will ink a Free Trade Agreement (FTA) framework on March 22 to tap the massive potential of bolstering trade between the two countries, said Turkish ambassador to Pakistan Sadik Babur Girgin here Friday.
Turkish Economy Minister is flying into the Federal Capital to ink the agreement between the two countries which have very close cooperation in diverse fields including defense and fighting war against terrorism and extremism. The current trade between the two countries stands at $600 million but after signing the agreement it has the potential to touch $2 billion mark. The current balance of trade is in favour of Pakistan, Girgin told APP in an exclusive interview.
The framework agreement will result into Free Trade Agreement which was expected to be signed before the end of the current year, said the diplomatic sources in the embassy.
It was in February last year when the 4th meeting of Turkey – Pakistan High Level Cooperation Council was held in Islamabad, under the chairmanships of Prime Minister of Turkey, Ahmet Davutoglu and Prime Minister Muhammad Nawaz Sharif which had decided to begin negotiations of a comprehensive Free Trade Agreement between the two countries, said the sources.
Pakistan and Turkey had been negotiating the FTA for quite some time and the first round of talks between their officials was held in Ankara in October last year to discuss the details of the agreement.
Pakistan mainly imports telecommunication equipments, tv cameras, radar apparatus, textile and machinery while Turkey’s imports from Pakistan include textile yarn, cotton woven fabrics, apparel and clothing accessories, plastics and organic chemicals.
During a recent visit by a Turkish business delegation to Karachi Chambers of Commerce and Industry, its members had strongly voiced for signing an FTA between the two countries. The members of the delegation had hoped such an accord could spur joint ventures besides increasing trade as it would help lower the current high customs duties between the two sides.
Questioned on cooperation between the two sides on fighting terrorism, Girgin said, both countries were determined to defeat the forces of extremism and had a lot to learn from each others’ experience.
Earlier in his remarks at a special commemoration ceremony, the Turkism ambassador said it was being held to pay tributes to all martyrs of Turkey who sacrificed their lives in line of duty especially by foiling the naval onslaught of the Allies Forces in the First World War at the front of Canakkale on Mar. 18, 1915 by laying 26 mines in Sea which sunk many of the Allies navy.
A moment of silence was observed as a mark of respect and remembrance for those soldiers who fell while defending their territory during the reign of Ottoman Empire. The Allies Powers were pushing to capture the Constantinople, now Istanbul for carrying forward supplies to Russia but Turks put up a valiant fight to frustrate their attack. The select gathering on the occasion offered Fateha for martyrs of both Turkey and Pakistan during their fight in terrorism. The ambassador tracing the deep-rooted ties between the two countries referred to as “two countries, one nation” said Abdul Rehman from Peshawar fought with the Turkish forces, adding, Muslim brothers in the Sub-Continent had always stood by Turkey in its difficult time. The national anthems of Turkey and Pakistan were also played on the occasion.
