Seventh round of Pak-Turkey FTA negotiation a milestone to final agreement

The seventh round of negotiations on Free Trade Agreement (FTA) between Pakistan and Turkey was milestone to reach the final agreement.

Secretary Ministry of Commerce Younas Dhaga led Pakistan's delegation in negotiation on FTA between Pakistan and Turkey. Pakistan and Turkey had discussed the specific sectors including textile sector during the negotiation, a senior official of Ministry of Commerce has said.

He said the two sides had exchanged provisional lists for a final agreement in round of negotiation. Pakistan and Turkey's Free Trade Agreement (FTA) will be signed on August 14, for enhancing the bilateral trade between two countries.

“Pakistan's trade balance with Turkey remained positive until 2011, however it started decreasing since 2011, when additional duties on various commodities were imposed by the two countries,” he said. The official said the two sides carrying discussions on agreement on goods, services and investment.

After signing of new FTA with Turkey, both the countries, gain will be able to improve their trade balance, he added. The official said that Pakistan will get market space in agriculture and pharmaceutical sector in Turkey.

He said that Pakistan's major imports from Turkey include manmade textiles, towels, steel structure, tanning and plastic chemicals, processed milk and whey.

Whereas, he said the country's major exports to Turkey are denim PET, ethanol, cotton yarn, fabric and rice, garments, leather, carpets, surgical instruments, sports good, chemicals.