How will Pak-Turkey trade ties be bolstered? By Ghulam Abbas
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akistan and Turkey reviewed the proposed Preferential Economic Agreement (PTA) in products on Thursday in order to promote trade liberalisation and bilateral trade. According to a statement issued by the Ministry of Commerce, both parties stressed the necessity of completing the PTA in goods as soon as possible since it would open up new chances to expand bilateral trade across all sectors and would be mutually beneficial. During the last 25 years the exports of Pakistan to Turkey have increased at an annualised rate of 4.01%, from $148M in 1995 to $394M in
2020. In 2020, Turkey exported $630M to Pakistan. The main products that Turkey exported to Pakistan were Hot-Rolled Iron ($53.5M), Compasses ($38.5M), and Non-Retail Pure Cotton Yarn ($36.1M). During the last 25 years the exports of Turkey to Pakistan have increased at an annualised rate of 8.11%, from $89.8M in 1995 to $630M in 2020. In 2020, Turkey did not export any services to Pakistan. In 2020, Pakistan exported $394M to Turkey. The main products that Pakistan exported to Turkey are Electric Generating Sets ($92M), Heavy Pure Woven Cotton ($79.7M), and Non-Retail Pure Cotton Yarn ($31.9M). During the last 25 years the exports of Pakistan to Turkey have increased at an annualised rate of 4.01%, from $148M in 1995 to $394M
in 2020. In 2020, Pakistan did not export any services to Turkey. In 2020, Pakistan ranked 93 in the Economic Complexity Index (ECI -0.71), and 65 in total exports ($25.5B). That same year, Turkey ranked 38 in the Economic Complexity Index (ECI 0.58), and 29 in total exports ($177B). Speaking with Pakistani and Turkish business persons, Commerce Minister Syed Naveed underlined the importance of increasing business-to-business interactions in order to develop trade and investment links between the fraternal countries of Pakistan and Turkey. During Prime Minister Muhammad Shehbaz Sharif’s visit to Turkey, the Ministry of Commerce co-hosted a business-to-business meeting attended by about 150 Pakistani and
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