The Federation of Pakistan Chambers of Commerce & Industry’s Businessmen Panel (BMP) on Sunday suggested that that Pakistan and Turkiye need to revamp their preferential trade agreement with a view to addressing existing challenges and unlocking the business potential between the two countries. The BMP Chairman and FPCCI former president Mian Anjum Nisar said the two countries should explore the possibility of reviving and strengthening the D8 Preferential Agreement to boost trade among member countries. He revealed that during the visit, 21 agreements was signed in key sectors such as services, tourism, education, IT, defence and infrastructure but the real task is implementation. It is good that Pakistan shown commitment to facilitating foreign investment, highlighting efforts to streamline business operations and improve the ease of doing business. He said the role of the Special Investment Facilitation Council (SIFC) is vital in ensuring a smooth investment process for Turkish companies. Anjum Nisar appreciated the confidence shown by Turkish companies in Pakistan’s economy, citing their investments in infrastructure, manufacturing, energy, transport, and municipal services as examples of growing economic cooperation. He proposed that a Made in Pakistan single-country exhibition be held in Turkiye, aiming to bring Pakistani companies across various industries to showcase their products. He recalled recent successful trade exhibitions in Saudi Arabia, Uzbekistan and Ethiopia, noting that Turkiye’s strategic location makes it an ideal trade hub for Pakistan. Recognizing the potential for collaboration, Anjum Nisar invited Turkiye to participate in Pakistan’s healthcare and industrial expo from April 17-19, stressing that joint ventures in medical technology and hospital infrastructure could benefit both nations. According to reports, Turkiye and Pakistan have agreed to expand the scope of their goods trade agreement, marking a significant step towards achieving a $5 billion bilateral trade target, and laid the groundwork for Turkish firms to develop a special economic zone in Pakistan. Turkish President Recep Tayyip Erdogan visited Islamabad, where he co-chaired the seventh session of the Pakistan-Turkiye High Level Strategic Cooperation Council (HLSCC) with Prime Minister Shehbaz Sharif. Established in 2009, HLSCC is the highest decision-making forum between the two countries, guiding bilateral relations through joint standing committees covering trade, investment, defence, energy, agriculture, health and education. During the visit, the two countries signed 24 agreements and memoranda of understanding (MoUs) to enhance cooperation in defence, energy, agriculture, information technology, health and other sectors. The signing ceremony was overseen by President Erdogan and PM Shehbaz after the HLSCC’s meeting. Bilateral trade between Turkiye and Pakistan reached a record high of $1.4bn in 2024, rising nearly 30 per cent from the previous year. Both leaders expressed optimism about building on this momentum, with Erdogan urging Turkish investors to engage more actively in Pakistan’s growing market. “We are encouraging our investors, who are the driving engines of economic cooperation, to engage more in Pakistan and develop flagship projects,” Erdogan said after the ceremony held for signing MoUs and agreements. PM Shehbaz, while speaking at the Pakistan-Turkiye Business Forum, assured Turkish businesses of Pakistan’s full support, emphasising his administration’s commitment to facilitating investment opportunities. “We are determined to further promote our deep friendship and mutual relations,” he said. “I want to assure my very dear brother, President Erdogan, that our teams will work closely to convert these agreements into action.” A key highlight of Mr Erdogan’s visit was the announcement of a special economic zone to be developed by Turkish firms to boost industrial production and economic growth in Pakistan. The initiative is another major step towards deeper bilateral economic collaboration. The announcement of the special economic zone to be built by Turkish firms for industrial production is going to materialize through our joint cooperation, the PM said. The 24 agreements signed during the visit covered a wide range of areas, including defence cooperation, power, energy, mining, trade, industrial development, water resources, seed production, scientific education and training, banking, religious services, halal food, media, legal cooperation, health, aerospace, and cultural exchanges. Ministers from both sides presented progress reports from nine joint standing committees. Two newly formed committees on health and information technology also delivered their first reports. Both leaders reaffirmed their commitment to strengthening strategic cooperation and economic growth. President Erdogan and PM Shehbaz also held in-depth discussions on regional and global issues, including security and counterterrorism. The premier emphasized the importance of regional stability and cooperation in combating terrorism. “The menace of terrorism is a common factor for Pakistan and Turkiye, and together, we will fight this menace until we defeat it once and for all,” the premier said. Erdogan added, “We reaffirmed our determination to advance our strategic cooperation, including in defence industries, and to continue our military dialogue.” President Erdogan arrived in Islamabad, accompanied by First Lady Emine Erdogan and a high-level delegation. Pakistan was the final stop on his three-nation tour, which also included Malaysia and Indonesia.