Bilateral Trade: Potential for trade with Turkey
The bilateral trade figure, until recently, has been approximately $590 million
ISLAMABAD:
Pakistan and Turkey have enjoyed good trade and economic relations and the balance of payment has been in favour of Pakistan for the last 12 years. Pakistan exports textile raw materials like cotton yarn, cotton cloth and denim cloth to Turkey and mostly imports raw material from Turkey. The bilateral trade figure, until recently, has been approximately $590 million. Currently, Turkey stands as the sixth most powerful economic power of Europe and produces everything from raw material to intermediaries to finished high tech products. With reduced rate of duties, there is a large scope for Turkish products to enter Pakistan which would lead to more joint ventures between the two sides. Additionally, there are a number of Turkish construction companies operating in Pakistan and building highways, dams, infrastructure of ports.
Published in The Express Tribune, October 30th, 2015.
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