PRIME Minister Shehbaz Sharif on Sunday said that the target of increasing the bilateral trade volume between Pakistan and Turkiye to five billion dollars annually over the next three years is very much achievable. After a visit to Ankara, he stated in a tweet that during his meetings with heads of leading Turkish business groups, he highlighted the need for investment and trade in the fields of agriculture, energy, information technology and construction.
The PM’s optimistic outlook on the potential of increasing trade and economic relations is a testament to the growing strength and significance of the bilateral relationship between the two fraternal countries. With a shared history, cultural affinity and mutual economic interests, enhancing trade and economic relations holds great promise for both the countries. Through this they can unlock numerous benefits, ranging from economic growth to regional stability.
Both the countries had signed the historic Trade in Goods Agreement in August last year which became operational on Monday. After this, new opportunities for trade of traditional and non-traditional products have emerged between the two countries. For the effective utilization of these opportunities, the PM also urged the Turkish companies to invest in Pakistan, assuring them of complete facilitation and a conducive business environment. We believe that given the level of trust and understanding that exists between the two countries, the volume of trade can be enhanced much higher than being forecast in the next three years. Several key sectors present significant opportunities for collaboration including textile and apparel, agriculture, automotive, construction, tourism, energy and so on. Our textile and agricultural products can find a ready market in Turkiye while Turkiye’s advanced manufacturing capabilities and technological expertise can contribute to Pakistan’s industrial growth. By leveraging their respective strengths, Pakistan and Turkiye can create a synergy that benefits the peoples of both countries. For this to happen, there is also need to foster deeper cultural and people-to-people connections. Both nations can promote tourism, student exchanges and cultural events. Furthermore initiatives to facilitate easier travel and trade such as streamlined visa procedures and improved transportation links will encourage greater interaction between businesses and individuals. With sustained and concerted efforts, Pakistan and Turkiye can transform their bilateral relations into a model of fruitful cooperation, setting an example for other nations to follow.
