Pakistan and Turkey’s sixth round of the negotiations on Free Trade Agreement (FTA) to held in coming month of April,2017 was postponed because Prime Minister visit to Turkey.
Pakistan and Turkey in sixth round of the negotiations on Free Trade Agreement (FTA) would be discussed on specific items including textile sector. Both the sides hold discussions on agreement on goods, services and on investment.
Pakistan’s trade balance started decreasing at annual rate of 19 percent after that additional duties imposed by Turkey in 2011, said a senior official from Ministry of Commerce, while talking to APP here on Friday.
The official said that Pakistan to get market space in Agriculture and Pharmaceutical sector. Replying to a question, he said that both side would shared provisional list for reaching the final agreement for FTA in coming round of dialogue.
The official said that Pakistan’s major exports to Turkey are denim PET, ethanol, Cotton yarn, fabric and rice, garments, leather, carpets, surgical instruments, sports good, chemicals. Pakistan’s major imports from Turkey are manmade textiles, towels, steel structure, tanning and plastic chemicals, processed milk and whey, he said.
Replying to a question, he said that additional tariff imposed by Turkey in 2011 have a targeted impact on Pakistan’s major exports, adding that Turkey levied additional duty on 1880 products as same as Pakistan’s top 205 exports to turkey face additional duty.
He added that Pakistan impose Regulatory Duty (RD) on 1312 products, Turkey has exports to Pakistan in 261 of products that face RD.
This constitutes 17 percent on Turkish imports into Pakistan. “Before the additional duty imposed, Pakistan have positive trade balance with Turkey, and after the signing of new FTA with Turkey both the countries will have again the same positive trade balance.—APP