Pakistan Business Forum (PBF) on Tuesday said that Pakistan and Turkiye are set to expand their Strategic Economic Framework (SEF), including the Trade in Goods Agreement (TGA), during Turkish President Recep Tayyip Erdogan’s visit on 12th Feb, as business community is expecting to stream line trade procedures and eliminating non tariff obstacles.
Talking to APP on Tuesday, Chief Organiser PBF Ahmad Jawad said we have to diversify our trade basket and encourage the exports of new items. In this regard we expect both sides will focus on investment, digital trade, the removal of non-tariff barriers, and further tariff concessions to enhance bilateral trade and investment becuase Turkiye have a small investment footprint in Pakistan
Jawad said this visit may also address trade stagnation between the two nations, which currently stands at approximately $1.3 billion. Both countries aim to push this figure to $5 billion through expanded cooperation.
Currently, the existing bilateral trade volume did not reflect the true potential of both Muslim states. Jawad said that in line with the common vision of the leadership, “we have to laid a strong foundation of ties between the two countries.
Similarly we must gain lessons from Türkiye’s TURQUALITY® program: a state sponsored branding program aimed at improving the competitiveness and brand value of Turkish brands. As it has proven to be very successful in boosting Türkiye’s textile exports and elevating the Turkish brand status.
PBF Official also briefed from January to November 2024, Turkiye imported goods worth $396 million from Pakistan, with projections suggesting the total could reach $440 million by the end of the year. Major Pakistani exports to Turkiye include cotton yarn, textiles, iron and steel, arms and ammunition, rubber products, surgical goods, and sports equipment.