Pakistan-Turkey Business Council Calls for Swift Free Trade Agreement

KARACHI: The Pakistan-Turkey Business Council convened at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) headquarters in Karachi, emphasizing the need to boost bilateral trade and expedite the signing of a Free Trade Agreement (FTA) between the two nations. The meeting, led by Council Chairman Syed Mazhar Ali Nasir, highlighted the significant potential for economic collaboration that remains untapped.

During the session, FPCCI President Atif Ikram Sheikh welcomed the Turkish delegation, led by Consul General Cemal Sangu. Sheikh highlighted the mismatch between the historical ties of the two countries and their current trade volume. He stressed the importance of enhancing institutional and private sector linkages to unlock the full potential of trade between Pakistan and Turkey.

Senior Vice President of FPCCI, Saquib Fayyaz Maggo, reiterated the organization’s dedication to strengthening business-to-business relationships. He acknowledged Turkey’s support across various sectors and urged both governments to implement policy measures that would create a conducive environment for trade and investment.

Syed Mazhar Ali Nasir, in his keynote address, called for urgent action to sign an FTA, pointing out that despite shared memberships in international organizations like OIC, D-8, and ECO, trade remains below potential. He noted that bilateral trade has stagnated at under $1 billion, with Pakistan’s share at approximately $366 million.

Nasir identified key export sectors such as textiles, denim, sports goods, surgical instruments, and rice as areas with high demand in Turkey. He advocated for improvements in trade routes, banking channels, and logistics to boost trade volumes and meet the expectations of business communities in both countries.

Consul General Sangu expressed appreciation for FPCCI’s efforts in promoting bilateral trade and confirmed Turkey’s readiness to explore new cooperation avenues. He pointed out the potential for expansion in sectors like construction, tourism, engineering, and food processing, underscoring the mutual benefits of enhanced economic partnerships.