Turkish Ambassador to Pakistan Dr Mehmet Pacaci has expressed the need for improving Pak-Turkiye ties in all areas if they are to meet a goal set by their respective leaders of raising bilateral trade to $5 billion. Speaking at the Lahore Chamber of Commerce and Industry (LCCI) he said that Turkiye and Pakistan's relations are exceptional. The relationships, which have been established over many years, are based on more than just trade and economy. Both countries' citizens adore one another and share similar traits, he added.

He said that, regrettably, our business ties are weak and in this context connection between Pakistan and Turkiye is essential. There are many options for connecting such as roads, trains, the sea, and the air. They have their own advantages and disadvantages, but they all depend on our abilities and capacity to address the connection concerns.

Turkiye serves as a connecting route from east to west and from west to east. Airway is a quick method of connecting, but due to the high cost of this medium only passengers are transported, he observed. The ambassador said that in order to better understand each other's capabilities, we must expose our business people to one another. In this sense, the major challenge is figuring out the industries in which we can collaborate, and to do so, we must put in more effort, he added.

Speaking on the occasion, LCCI President Kashif Anwar said Turkiye and Pakistan are important members of the Organization of Islamic Cooperation (OIC), which are united by long-standing historical ties and enjoy friendly relations based on shared religious beliefs.

In a number of areas, including economy, politics, defence, culture, and education, the two countries' ties are improving, he said. By establishing a Preferential Trade Agreement (PTA) last year, both countries marked a crucial turning point in their bilateral ties, he added, which is highly positive. He believed that the PTA will create new chances to strengthen economic links across different sectors.

According to data from the State Bank of Pakistan, Pakistan's exports to Turkiye were around 268 million dollars in 2020–21 and rose to 355 million dollars in 2021–22. In a similar vein, Pakistan’s imports from Turkiye stood at 867 million dollars in 2020–21, and over 944 million dollars in 2021–22. Kashif Anwar said that while textiles account for the majority of Pakistan's exports to Turkiye, the most of our purchases are commodities like machinery, iron and steel, and plastics.

He said that we must work to close Pakistan's trade deficit and increase trade volume to at least $5 billion by exploiting the market access Turkiye has offered on almost 261 tariff lines under the current PTA. According to Kashif Anwar, the PTA has given Pakistan market access in non-traditional industries including seafood, processed agricultural products, rubber tubes and tyres, plastics, and engineering goods as well as traditional industries like leather, rice, dates, mangoes, cutlery, and sports goods. He said he was optimistic that Pakistan would be able to take advantage of this market access and significantly increase its exports to Turkiye in these industries.

He said that there are several Pakistani industries where both countries might improve economic ties, particularly the country's pharmaceutical industry, which is perfect for cross-border collaborative ventures. Tourism is another important industry with a wide range of potential joint ventures, he added.

Kashif Anwar believed that both parties might proceed toward a more thorough Free Trade Agreement (FTA) after the PTA generates goodwill and economic rewards. That would undoubtedly aid Pakistan in increasing exports to Turkiye, turning the country's trade imbalance into a surplus, he believed. He asserted that encouraging direct business-to-business interaction through delegation exchanges and participation in single-country exhibitions is the fastest approach to strengthen the economic ties between the two sides.

He suggested that we set up business meetings for the business communities of the two countries using technology and a variety of apps, with the assistance of our embassies and commercial advisors in each nation. By working together, the goal of obtaining 5 billion dollars in trade is achievable.

Credit: Independent News Pakistan-WealthPk