ISLAMABAD, Pakistan: Pakistan and Turkey would sign the Free Trade Agreement (FTA) in mid of May 2017 which would enhance bilateral trade between both of the Countries.
Both sides would share provisional list for reaching the final agreement for FTA in coming round of dialogue. They would hold discussions on agreement on goods, services and investment.
While talking to the state-run news agency in Islamabad, a senior official from Ministry of Commerce said that Pakistan’s trade balance started decreasing at annual rate of 19 percent after additional duties imposed by Turkey in 2011.
The official said that Pakistan will get market space in agriculture and pharmaceutical sectors.
The official further said that Pakistan’s major exports to Turkey are denim PET, ethanol, Cotton yarn, fabric, rice, garments, leather, carpets, surgical instruments, sports good and chemicals.
Pakistan’s major imports from Turkey are manmade textiles, towels, steel structure, tanning and plastic chemicals, processed milk and whey, the official said.
Replying to a question, the Commerce Ministry official said that additional tariff imposed by Turkey in 2011 have a targeted impact on Pakistan’s major exports, adding that Turkey levied additional duty on 1880 products and Pakistan did the same in response.
This constitutes 17 percent on Turkish imports into Pakistan.
The official further said that after the signing of new FTA with Turkey both the countries will have again the same positive trade balance.”
