Pak-Turk Preferential Trade Agreement

Written by The Frontier Post

Prime Minister Shehbaz Sharif on Friday said the landmark trade-in goods agreement between Pakistan and Turkiye would reflect the strength of bilateral fraternal relations, and take trade and investment ties to further heights. The Prime Minister urged business communities from both countries to explore the opportunities in varying sectors, particularly renewable energy.

According to him, the volume of bilateral trade and investment did not reflect the existing unique relationship between the two countries, while both nations had already resolved to take the bilateral trade to $5 billion in the next three years.

Prime Minister Shehbaz Sharif invited Turkish firms and the business community to invest in Pakistan in the hydel sector, as the country was bestowed with immense potential with hydel resources which remained unexplored so far. The Prime Minister guaranteed the Turkish investors that he himself will ensure swift payments of profits and other funds to potential investors without any impediments of red tapism and nepotism

Pakistan and Turkiye are two brother Muslim countries, which are tightened with multiple bonds of religion, culture, tradition, history as well as Muslim brotherhood. Both nations had enjoyed close relations in multiple domains in the past. The people of Pakistan had always given special importance to their relationship with Turkiye due to the heroic role of Khalifiat Usmaina and the Ottoman empire against western powers in the past. Presently, Pakistan and Turkiye have deep cooperation in defense and security and Turkey is a major supplier of military hardware to Pakistan.

However, both nations could not grasp the full potential of trade and economic opportunities among them due to certain reasons. Recently, a Turkish delegation led by the Turkish trade Minister Dr. Mehmet Mus paid a visit to Pakistan. Both nations had struck Preferential Trade Agreement (PTA) to boost their bilateral trade, investment, and economic collaboration in the IT, hydel and renewable energy sectors.

Both countries want to transform their spiritual relationship into a long-term geostrategic partnership and the political leadership of both nations is resolute to remove all legal, and technical barriers to forging broad-based geo-economic and geo-strategic partnerships between them. Hopefully, both nations will achieve their desired objective in the days to come.

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