ISLAMABAD, Feb 12: Finance Minister Asad Umar here on Tuesday chaired a meeting of the Committee on Pak-Turkey Strategic Economic Framework and reviewed the progress on formation of the proposed framework.
Minister for Energy, Advisor to Prime Minister on Commerce and Textile, Minister for IPC and Minister for Privatization attended the meeting.
Secretary Economic Affairs Division gave a detailed presentation and shared with the meeting proposals from various ministries and divisions. Important among them include proposal from the Ministry of Commerce for enhancing trade through FTAs and easing of customs procedures by both sides.
Ministry of Textile proposed that the two countries should consider setting up textile and garment cities. The participants felt that Pakistan should benefit from the best practices adopted by Turkey for development of tourism industry.
The Finance Minister observed that there is great scope for the development of auto sector in Pakistan with the help of Turkey. He also said that banks from both sides should be encouraged to establish branches in each other’s country to promote business linkages and facilitate financial transactions.
He also viewed that collaboration between PIA and Turkish Airlines may be promoted to improve communication facilities for Pakistan citizens travelling to various destinations.
The Finance Minister appreciated the proposal for establishment of a credit Guarantee Fund for trade enhancement. The minister was informed that all provincial chief secretaries have been asked to send their proposals for the Economic Framework and their responses are being compiled.
Secretary EAD said that through this framework, it is expected that there would be a threefold expansion in the areas of trade and economic cooperation between the two countries.
Finance Minister directed that all the proposals being sent by different ministries and divisions may be consolidated on priority so that these can be shared with the Turkish side for consideration and concurrence.
It may be added that establishment of the economic framework was discussed and agreed with the Turkish side during the recent visit of Prime Minister to Turkey. It aims to enhance bilateral economic cooperation with particular focus on trade.