Pakistan with the potential to enhance its exports to Turkey upto US $ five billion needs to focus on streamlining free trade agreement (FTA) between the two countries, said The Businessmen Panel (BMP) Chairman, Mian Anjum Nisar in a statement issued Friday.
He said Pakistan with the greatest capacity in the trade of instruments, surgical appliances and agriculture products can significantly benefit once tariffs placed on Pakistan and other FTA partners of Turkey are brought at par.
Mentioning that tariffs imposed on top 10 high potential items of Pakistan are low (9.6 percent or below) yet there was a significant difference between tariffs placed on these goods imported by Turkey from other countries.
“Turkey's FTA partners Egypt and Jordan enjoy tariffs significantly lower than those currently faced by Pakistan,” said the BMP Chairman.
He reiterated that Pakistan must emphasize for tariff reduction on its high potential export products.
Mian Anjum Nisar opined that negotiations between the two countries needed to focus on tariff elimination across high potential exports, particularly those in which the exporter has a comparative advantage.
Secretary General (Federal) of the BMP, Ahmad Jawad supplementing his leader said relations between Pakistan and Turkey were continuously growing in the spheres of economic, defence, culture besides at people-to-people level.
“We must work closely with Turkey to transform the close fraternal ties into a strategic partnership,” he said reminding that trade between Turkey and Pakistan still needed special focus, as Turkey is gateway to Europe and can provide huge opportunities to the Pakistani exporters to market their products in EU countries.
Jawad recalled that Turkey and Pakistan had finalized negotiations on free trade agreement and both counties wished to sign the deal at an earliest possible time last year.
BMP office bearers registering their concern that FTA is yet to be finalized called upon leaders of the two countries to intervene so that business community of the both countries may enhance trade with each other through level playing field.
“Trade is an essential tool to strengthen relations between countries,” said Ahmad Jawad. The Businessmen Panel have also urged the concerned authorities to help procure unilateral concessions from China on different Pakistani products.
“It is time for the commerce ministry to judiciously work and help country acquire needed benefits while renegotiating FTA with China,” said BMP Chairman.
He emphasized that the process must be in sync with Planning Commission on CPEC and equally coordinated with finance ministry so as to have in place the right duty and taxation structure.
It was suggested that the renegotiation process must also be adequately backed by Foreign Office. BMP office bearers further opined that objective of negotiations must not be confined to boosting exports but more importantly to curb imports.
