Pakistan, Turkey Set to Increase Bilateral Trade to $5 Billion

Pakistan, Turkey Set to Increase Bilateral Trade to $5 Billion

Islamabad, June 4, 2023 – Prime Minister Muhammad Shehbaz Sharif has said that Pakistan and Turkey are set to increase their bilateral trade to $5 billion annually over the next three years.

The prime minister made the announcement on Twitter on Sunday, referring to his recent visit to Turkey where he attended the inauguration of President Recep Tayyip Erdogan.

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During his visit, the prime minister held meetings with heads of leading Turkish business groups and highlighted the need for investment and trade in the fields of agriculture, energy, information technology and construction.

“Exciting opportunities have emerged for collaboration, especially after the historic Trade-in-Goods Agreement between Pakistan & Turkey became operational on May 31 this year,” the prime minister said.

READ MORE: Pakistan’s Foreign Exchange Reserves Decline to $9.513 Billion

He added that he was “glad to find discernible interest of the Turkish business community in building on the existing partnerships & establishing new ventures.”

The prime minister’s announcement comes at a time when Pakistan is looking to boost its exports and attract foreign investment. Turkey is a major economic partner for Pakistan, and the two countries have close political and cultural ties.

READ MORE: Pakistan’s foreign exchange reserves drop by $206 million to $9.73 billion

The Trade-in-Goods Agreement between Pakistan and Turkey is expected to boost trade between the two countries by providing a framework for tariff reductions and other trade facilitation measures.

The agreement is also expected to create new opportunities for Pakistani and Turkish businesses to invest in each other’s countries.

READ MORE: Pakistan’s foreign exchange reserves dip to $9.938 billion

The prime minister’s visit to Turkey and his meetings with Turkish business leaders are seen as a major step towards boosting economic cooperation between the two countries.

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