Turkey extends SEF proposal to Pakistan, FTA on cards

March 8, 2019 (MLN): Following the successful visit of Prime Minister Imran Khan to Turkey in January 2019, major progress is taking place in operationalizing the Strategic Economic Framework (SEF) between Pakistan and Turkey.

The Turkish government has presented its proposals on the Strategic Economic Framework (SEF) to the government of Pakistan, following up on the decision to enter into SEF during Imran Khan’s visit.

The Turkish Vice President, Fuat Oktay has written to Finance Minister acknowledging the receipt of proposals from Pakistan side and presenting additional proposals from the Turkish side.

The proposals by the two countries cover trade, tourism, healthcare, hospitality industry, education, housing, agriculture, aviation, and banking.

The purpose of SEF is to enhance volume of bilateral trade by five times (currently US$ 900 million). Towards this goal, the two governments are negotiating an FTA to be signed in 2019.

Trade facilitation is to be enhanced through improving connectivity through rail, air, road and sea. Cooperation between Pakistan Railways and TUDEMSAS (Turkish Railway Car Company) and TULOMSAS (Turkish Locomotive and Engine Company) for rail vehicles production maintenance, repair and operation is also envisioned.

Turkey has expressed interest in developing legal framework for tourism infrastructure planning, allocation of public properties to the investors, determination and classification of qualities of hospitality facilities based on international standards.

Turkey intends to provide technical support in order to enhance promotion, marketing of tourism, advertising image of the country and production of promotional material. Seminars will be organized reciprocally.

Pakistan has recommended signing of an MoU on cooperation in the field of investment focusing on auto industry, special economic zones, food processing, mining and minerals besides construction sector and tourism.

There shall be a strategic Economic Group co-chaired by Vice President of Turkey and Finance Minister of Pakistan.

Copyright Mettis Link News

Posted on: 2019-03-08T11:31:00+05:00