Pak-Turkey’s 7th FTA talks by August end

ISLAMABAD: The seventh round of negotiations on free trade agreement (FTA) between Pakistan and Turkey would be held by the end of current month in Turkey to finalise the agreement, an official said on Thursday.

“Pakistan’s trade balance with Turkey remained positive until 2011; however, it started decreasing since 2011, when additional duties on various commodities were imposed by the two countries,” a senior official of ministry of commerce told APP.

The official said the two sides would exchange provisional lists for a final agreement in the upcoming round of dialogue. He said the two sides will hold discussions on agreement on goods, services and investment.

After signing of FTA, both the countries will be able to improve their trade balance, he added. The official said Pakistan will get market space in agriculture and pharmaceutical sectors in Turkey.

Pakistan’s major imports from Turkey include manmade textile, towel, steel structure, tanning and plastic chemicals, processed milk and whey. He said the country’s major exports to Turkey are denim, polyethylene terephthalate, ethanol, cotton yarn, fabric and rice, garments, leather, carpets, surgical instruments, sports good and chemicals.