Pakistan, Turkiye vow to strengthen economic, trade relations

ISLAMABAD: Pakistan and Turkiye on Wednesday expressed mutual desire to strengthen cooperation in the financial sectors between the two countries, fostering deeper economic ties and enhancing bilateral relations.

Turkish Ambassador to Pakistan, Dr Mehmet Pacaci, called on Minister for Finance & Revenue, Mr. Muhammad Aurangzeb to discuss matters of mutual interest and further strengthening the bilateral relations between the two countries.

Pacaci extended felicitations to Muhammad Aurangzeb upon his appointment as Minister for Finance and Revenue and expressed confidence towards further strengthening of economic ties between the two countries.

The minister expressed sincere acknowledgment of the brotherly relations between Pakistan and Turkiye, which are deeply rooted in shared common faith, history, and cultural affinities.

Highlighting the excellent political and social relations between the two countries, the minister emphasized the necessity of translating these relations into robust economic and commercial collaboration to their full potential.

He welcomed the signing of the Trade in Goods Agreement/Preferential Trade Agreement (PTA) on 12 August 2022, as a positive step towards achieving the bilateral trade target of US$ 5 billion in the medium term.

The minister also apprised the Turkish Ambassador of the recently established Special Investment Facilitation Council (SIFC) in Pakistan, aimed at attracting investments from friendly countries in various sectors, such as defense, agriculture, mines and minerals, energy, and the IT industry.

He further emphasized the need to actively work on enhancing trade and investment portfolios through Government-to-Government (G2G) and Business to Business (B2B) arrangements in mutually agreed areas of interest.

The Minister also highlighted the establishment of the High-Level Strategic Cooperation Council (HLSCC) in 2010 between Pakistan and Turkiye, aimed at developing a Strategic Economic Framework (SEF) for cooperation in various sectors including energy, banking, commerce, railways, and tourism. He noted that a Joint Plan of Action under the SEF is currently being implemented.