A free trade agreement (FTA) between Islamabad and Ankara is reportedly expected to be signed by mid-June. The decision followed the conclusion of the 9th round of negotiation between the two sides, which agreed on the final list of tariff lines. Turkey also agreed to offer duty-free access to textile products from Pakistan in its market.
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The FTA dialogue would conclude in June, followed by a final agreement to boost bilateral trade, a news agency reported citing anonymous Pakistani commerce ministry official.
Pakistan would finalise the FTA under the Pakistan-Turkey Strategic Economic Framework (SEF) plan of action. The proposed sectors for enhancing the cooperation include textile, tourism and culture, investment in industrial cooperation, auto industry, agriculture, banking and finance.
Turkey has also agreed on treatment basis to offer the lowest tariff on all tariff lines which was given to other trading partners in the past, the official said.
Pakistan’s major exports to Turkey included denim PET, ethanol, cotton yarn, fabric and rice, garments, leather, carpets, surgical instruments, sports goods and chemicals.