Pakistan, Turkey agree to start talks on Preferential Trade Agreement, explore possibility of bilateral trade in local currencies

Ankara: Pakistan and Turkey Thursday agreed to start talks on Preferential Trade Agreement PYA and explore possibility of bilateral trade in local currencies.

This was announced by visiting Foreign Minister Ms Hina Rabbani Khar at joint news conference after talks with Turkish counterpart Dr Ahmet Davutoglu here. Pakistan and Turkey were factors of stability in the region and working together to convert challenges into opportunities for better future of their people, Ms Khar said.

She said they discussed ways to promote bilateral ties, enhance economic, trade activities.

The talks focused on converting excellent political goodwill between two countries into more tangible economic projects and framework agreements.

Ms Hina Khar said connectivity projects were extremely important and “we look forward to early realization of Gul Train project with private sector involvement. Our trade ties are modest and we believe through these arrangements we can double and even triple trade volume in coming years.”

Pakistan offered immense opportunities for investment in energy, housing, infrastructure development, textile, dairy, agriculture. She invited Turkish investors to take advantage of liberal investment regime. “We want to have institutional arrangements between our higher educational institutions and more expansion in scholarships scheme.”

Davutoglu assured Turkey will assist Pakistan to resolve its energy crisis. He said Turkish investors are negotiating with their counterparts for investment in Pakistan.

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