Turkey wants to increase bilateral trade with Pakistan up to $5bn

Turkish Commercial Counsellor Nurettin Demir stated that Turkey wants to increase bilateral trade with Pakistan up to USD 5 billion as both nations have vast potential to expand two-way trade volume. 

During his address to the Islamabad Chamber of Commerce and Industry, he encouraged the business community to take active participation in the upcoming MUSIAD Expo in Istanbul, which is scheduled to take place from 2nd to 5th November, 2022. This will establish business linkages with Turkey’s counterparts and facilitate further bilateral trade between the two countries. It will also help the local businesses in customs affairs for doing trade with Turkey.

He added that this is possible for many trade products, including machinery, chemicals, pharmaceuticals, agriculture and tourism. 

Demir also expressed hope that a free trade agreement between the two would be finalised soon after its ratification from the Turkish parliament. 

Muhammad Shakeel Munir, President of Islamabad Chamber of Commerce and Industry, was also present at the occasion and stated that Pakistan and Turkey’s cordial relations should be transformed into growing trade and economic ties. He emphasised that the usage of Pakistan-Tehran-Istanbul railway service should be increased for trade as goods from Turkey are currently reaching Pakistan via third countries in 45 days, which is creating issues for importers and exporters. 

He remarked that Pakistan has several marble and granite reserves, as well as other natural resources, and Turkey should establish job ventures in Pakistan to explore these avenues for mutually beneficial outcomes. 

Former President ICCI Mian Shaukat Masud, Muhammad Azharul Islam Zafar, and other notable officials were also in attendance, and proposed several measures that could promote trade between the two nations. 

They suggested that the language barrier should be addressed first. Secondly, Pakistan could export software products to Turkey as it is already doing that with other countries. The IT, construction and furniture industries were also considered as potential areas where joint ventures can be developed.