Pak-Turk Preferential Trade Agreement may achieve $2bn trade target’

LAHORE: Pakistan and Turkey are all set to ink Preferential Trade Agreement (PTA) early next year as the list of goods in this regard is being also finalised, said Turkish ambassador Hizlan Babur at Lahore Chamber of Commerce and Industry on Tuesday.

He said, “PTA would help achieve $2 billion target of two-way trade set by Turkish Prime Minister.” He said to give further boost to existing trade volume, feasibility study has been completed to run train between Lahore to Ankara while a number of other agreements had also been concluded that would benefit the two sides.

Turkish businessmen are ready to initiate joint ventures with their Pakistani counterparts as they are convinced ample opportunities lie in a number of sectors including construction and energy.

He said Turkey has a lot to offer to Pakistani counterparts and they should avail the available opportunities.

He called for exchange of business delegations so both the sides could have firsthand knowledge of the available opportunities in Pakistan and Turkey.

He said both the countries have marvellous untapped business potential needs to be realised by maximising the involvement of private sectors of the two countries.

LCCI President Irfan Qaiser Sheikh said Pak exports to Turkey have shown considerable improvement. However, the current level of trade between Pakistan and Turkey has least relevance to the size of the markets of the two countries. The LCCI is ready to play its due role in exploring the available opportunities.

Pakistan’s major exports to Turkey are cotton, plastics, cereals, beverages, spirits, articles of apparel, manmade staple fibres, articles of leather, raw hides and skins and etc. Pakistan’s major imports from Turkey are machinery, ships, organic chemicals, paper and paperboard, iron and steel, plastics products, tanning and dyeing extracts and etc.

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