Strengthening ties: Turkey expects boost to trade after FTA

Consul general sees ample opportunities for joint ventures

KARACHI: The existing trade volume between Pakistan and Turkey is undoubtedly far below the potential, said Turkish Consul General in Karachi Tolga Ucak.

Bilateral trade could be increased through joint efforts and close contacts between businessmen of the two sides, he suggested during a visit to the Federation of Pakistan Chambers of Commerce and Industry (FPCCI).

He voiced hope that bilateral trade would jump once the Free Trade Agreement (FTA) was signed and implemented. “Pakistan is an investment hub for Turkish investors and there are ample opportunities for joint ventures,” he said.

The two countries are currently negotiating the FTA, but have been unable to convince each other on different issues. There is growing anxiety among Pakistan’s exporters due to a fast decline in exports to Turkey.

Pakistan’s exports to Turkey dived 69% to $282 million in 2017 from $906 million in 2011. Meanwhile, Turkey’s exports to Pakistan rose to $352 million in 2017 from $214 million in 2011.

FPCCI Senior Vice President Syed Mazhar Ali Nasir said Pakistan and Turkey were time-tested friends and their deep-rooted bilateral relationship provided economic and political support for each other.

“There are tremendous opportunities and trade potential between the two countries that can be exploited with the help of the FTA,” he added.

Nasir said unfortunately Turkish authorities increased duties on Pakistan’s export goods from 6% to 24%, which he called a great barrier that caused a drastic reduction in exports to Turkey.

He expressed serious concern over what he called discriminatory approach towards Pakistan by restricting benefits of the GSP Plus, which had been granted by the Turkish authorities to various countries except Pakistan.

Published in The Express Tribune, March 15^th, 2018.

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