Pakistan and Turkey have moved closer to signing a deal on the Free Trade Agreement and made substantial progress in talks held in Ankara this week to discuss tariff.
The agreement is expected to help Pakistan boost its exports by up to $600 million in a short span of time and open new markets for Pakistani market in the Turkish markets. The bilateral trade volume is little over $330 million, with Pakistan sharing the major part. The two countries primarily trade in fabrics, beverages, plastics, chemicals and machinery.
The fifth round of Pakistan-Turkey Free Trade Agreement was held on December 21-23. 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.
During the previous meeting, both countries had agreed to eliminate 85 percent tariffs that will include regulatory duties and additional duties.