Asad Umar reviews progress on Pak-Turkey framework

ISLAMABAD: Finance Minister Asad Umar on Tuesday presided over a meeting of the Committee on Pak-Turkey Strategic Economic Framework.

The meeting reviewed progress on the formation of the proposed framework, according to a statement. The Minister for Energy, Advisor to Prime Minister on Commerce & Textile, Minister for IPC and Minister for Privatisation attended the meeting.

The Secretary Economic Affairs Division gave a detailed briefing and shared with the meeting THE proposals from various ministries and divisions. Important among them were proposal from the Ministry of Commerce for enhancing trade through FTAs and easing of customs procedures by both sides.

The Ministry of Textile proposed that the two countries should consider setting up textile and garment cities. The participants felt that Pakistan should benefit from the best practices adopted by Turkey for development of tourism industry.

The finance minister observed that there was great scope for the development of auto sector in Pakistan with the help of Turkey. He said that banks from both sides should be encouraged to establish branches in each other’s country to promote business linkages and facilitate financial transactions.

He said that collaboration between PIA and Turkish Airlines may be promoted to improve communication facilities for Pakistan citizens travelling to various destinations.

Umar appreciated the proposal for establishment of a credit Guarantee Fund for trade enhancement.

The minister was informed that all provincial chief secretaries have been asked to send their proposals for the Economic Framework and their responses are being compiled. The Secretary EAD said that through this framework, it is expected that there would be a threefold expansion in the areas of trade and economic cooperation between the two countries.

Umar directed that all the proposals being sent by different ministries and divisions may be consolidated on priority so that these can be shared with the Turkish side for consideration and concurrence. It may be added that establishment of the economic framework was discussed and agreed with the Turkish side during the recent visit of Prime Minister to Turkey.

It aims to enhance bilateral economic cooperation with particular focus on trade