Trade Relationship Between Pakistan And Turkey
Pakistan and Turkey want to increase bilateral trade ties to make the existing relationship stronger and more beneficial for both the countries
The people of Pakistan always feel proud that their ancestors contributed to the struggle of their Turkish brothers and sisters in the Turkish War of Independence. The people of Pakistan and Turkey enjoy brotherly relations that are not only deep-rooted in history but also are based on shared values and common national interests. The history of this enriching relationship can be traced back to even before establishing the Republic of Turkey on 29 October 1923 and the Islamic Republic of Pakistan on 14 August 1947. As I remember, since the independence of Pakistan, both countries have been extending exemplary support to each other during the most challenging times. Pakistan-Turkey relationships are now based on political, cultural, trade and economic relations by governments and private sector business people of the two countries.
Pakistan and Turkey want to increase bilateral trade ties to make the existing relationship stronger and more beneficial for both countries. During the last five years, trade volume between the two countries increased from $600 million to $900 million. Pakistan's main commodities importing from Turkey are communication tools, cameras, machines, textiles, fabrics for sofa and curtains, fuels, chemicals, footwear, etc. Whereas Pakistan is exporting to Turkey textile and clothing, chemicals, animals, vegetables, minerals, metals, stones and glass, wood, footwear, hide and skin and raw materials etc. The balance of trade between the two countries is not equal. Pakistan is importing more from Turkey as compared to export.
Pakistan is importing more from Turkey compared to export
Islamabad and Ankara mutually agreed to first speedily bring bilateral trade between two countries to over $1 billion and then increase the trade volume up to $5 billion per year. I am confident that during 2021 $1 billion trademarks can be achieved between the two countries. Pakistan and Turkey want a workable and long-lasting free trade agreement (FTA) to have a win-win situation for both countries. Negotiation between two commerce ministries will finalize the FTA as quickly as possible, so both countries can benefit from this arrangement. No doubt, the existing two-way trade between Pakistan and Turkey amounts to around $900 million, which is not up to the mark and far from the true potential. Both countries business peoples are very keen to enhance bilateral trade and arrange meetings regularly through the Chamber of Commerce of both countries. The population of the two countries are more than 300 million (Turkey 85 million & Pakistan 220 million), so there is ample scope to enhance bilateral trade.
We believe Pakistan and Turkey friendship is a true brotherly relationship
Pakistan government already invited Turkey to join the China-Pakistan Economic Corridor (CPEC). Turkish investors needed detailed information and knowledge about mega projects in Special Economic Zones (SEZs) to consider investing if projects are viable for them. Different Turkish companies already invested around $1.5 billion in Pakistan. More than 17 Turkish companies are already working in different Pakistan cities; some of them are Albayrak Pakistan, Ozpak, Arcelik, Cukurova Kimya, MOOÖI Atolye etc. They are primarily involved in Waste management, transport, energy, finance, infrastructure projects, construction, telecommunications, manufacturing, tourism and other industries.
During the landmark visit of President Recep Tayyip Erdogan to Pakistan in February 2020, it was agreed between two countries to promote and cooperate in the field of science and technology, defence, industry, tourism, health, education, etc.
We believe Pakistan and Turkey friendship is a true brotherly relationship. Long live Pakistan-Turkey friendship.