Pakistan and Turkiye Pledge to Fortify Economic and Bilateral Ties

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Islamabad, In a significant move to enhance economic cooperation and strengthen bilateral relations, Pakistan and Turkiye have agreed to deepen their partnership across various sectors. This decision was reached during a constructive meeting between Pakistan’s Finance Minister Muhammad Aurangzeb and Turkish Ambassador Dr. Mehmet Pacaci.

According to Ministry of Information and Broadcasting, the discussions focused on matters of mutual interest with an emphasis on fortifying the economic and commercial collaboration between the two nations. Minister Aurangzeb highlighted the profound and brotherly ties between Pakistan and Turkiye, underpinned by shared faith, history, and cultural connections.

The meeting underscored the importance of translating the excellent political and social relations existing between Pakistan and Turkiye into strong economic and commercial partnerships. The Finance Minister pointed to the signing of the Trade in Goods Agreement and Preferential Trade Agreement in 2022 as pivotal steps toward reaching a bilateral trade target of five billion dollars in the medium term.

Minister Aurangzeb also briefed the Turkish Ambassador on the newly established Special Investment Facilitation Council (SIFC) in Pakistan. The SIFC aims to attract investments from friendly nations in key sectors, including defense, agriculture, energy, and the IT industry. He stressed the importance of enhancing trade and investment portfolios through both government-to-government and business-to-business arrangements in areas of mutual interest.

Furthermore, the establishment of the High-Level Strategic Cooperation Council between Pakistan and Turkiye in 2010 was highlighted as a cornerstone for developing a Strategic Economic Framework. This framework focuses on cooperation across various sectors, including energy, banking, commerce, railways, and tourism, with a Joint Plan of Action currently being implemented under this initiative.

This meeting marks a significant step forward in reinforcing the economic ties between Pakistan and Turkiye, signaling a shared commitment to prosperity and development for both nations.