Pakistan okays draft economic framework with Turkey

ISLAMABAD: Pakistan has approved the draft Strategic Economic Framework (SEF) with Turkey here on Wednesday. The approval, in principle, was accorded in a high level meeting chaired by Prime Minster Imran Khan, who directed for early finalisation of the framework aiming at transforming the bilateral relations between the two countries into a broader growing strategic economic relationship.

He directed the relevant ministries to vigorously pursue this framework and put in place strong institutional arrangements for its implementation, once finalised. The meeting was attended by relevant federal ministers and secretaries, including Finance, Information and Broadcasting, IPC, Health, Commerce, Energy, Chairman BOI and others.

The Secretary EAD gave a detailed briefing on the contents and contours of the proposed framework. It was informed that during the prime minister’s visit to Turkey in the first week of January this year, the top leadership of the two sides had agreed to transform the bilateral relationship into a long-term strategic trade, investment and economic relationship based on the principles of reciprocity and fairness. On his return from Turkey, the prime minister constituted a 10 member ministerial committee, headed by the Finance Minister, Asad Umer, to finalise the proposed framework.

Subsequently, two meetings of this ministerial committee were chaired by the finance minister and ideas and proposals were received from the 16 relevant ministries of the federal government. After due consideration and examination, proposals were identified, evaluated and incorporated into a wholesome draft strategic economic framework.

The finance minister briefed the meeting that it is an integrated framework that has been built keeping in view the best interest of Pakistan, capitalising on mutual complementarities and key advantages of the two economies, the framework, so finalized, will serve as the overarching strategic policy framework integrating all facets of existing bilateral economic cooperation into a single platform.

The economic framework seeks to build a strategic economic framework with brotherly country Turkey in a globally evolving geo-strategic environment and through this instrument tangible measurable results will be pursued. It will encompass broader areas of bilateral cooperation like trade, textiles, investment, industries and production, energy, economy/banking and finance, aviation, agriculture, social sectors and tourism.