In a high-level meeting between Turkey and Pakistan, both nations have agreed to strengthen their economic partnership. Led by Turkey's Ambassador, Mr. Mehmet Pekasi, and Pakistan's Federal Minister for Economic Affairs, Ahad Khan Cheema, the meeting aimed at bolstering the long-standing brotherly relations between the two countries.
The focus of the discussions centered on various strategies to enhance cooperation, including leveraging the 2022 Preferential Trade Agreement (PTA) between Pakistan and Turkey.
Minister Cheema highlighted the importance of this agreement, emphasizing its role in fostering economic ties between the two nations.
Additionally, Minister Cheema informed Ambassador Pekasi about the establishment of a Special Economic Zone (SEZ) in Pakistan, designed to attract investments and facilitate business ventures between Turkey and Pakistan.
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One of the key highlights of the meeting was the discussion on Turkey's investment potential in Pakistan, particularly in corporate farming, agricultural machinery, and equipment.
Both sides stressed the importance of strengthening bilateral trade and investment through Government-to-Government (G2G) and Business-to-Business (B2B) arrangements.
Ambassador Pekasi acknowledged the pivotal role of the SEZ in expanding bilateral trade, expressing keen interest in utilizing platforms like the High-Level Strategic Cooperation Council (HLSCC) and Strategic Economic Framework (SEF) to further collaboration in energy, banking, trade, and railway sectors.
Looking ahead, the next session of the HLSCC is expected to convene soon, with a primary focus on increasing the trade volume to $5 billion.
Discussions also included plans to establish a branch of a Turkish bank in Pakistan, aimed at fortifying economic relations between the two nations.
