Turkey proposes measures to enhance bilateral trade

ISLAMABAD: Turkish government has presented proposals on the strategic economic framework (SEF) to Pakistan, envisaging five times increase in bilateral trade volume, free trade agreement, and building of infrastructure connectivity, finance ministry said on Thursday.

The decision to enter into an SEF was taken during the visit of Prime Minister Imran Khan to Turkey in January.

“Major progress is taking place in operationalising the strategic economic framework between Pakistan and Turkey,” the ministry said in a statement.

The purpose of SEF is to enhance volume of bilateral trade by five times from the existing $900 million.

The two governments are also negotiating a free trade agreement to be signed during the current year.

Trade facilitation is to be enhanced through improving connectivity through rail, air, road and sea under the framework. Cooperation between Pakistan Railways and Turkish Railway Car Company and Turkish

Locomotive and Engine Company for production, maintenance, repair and operation of rail vehicles was also envisioned in the framework.

The Turkish Vice President Fuat Oktay has already acknowledged the receipt of proposals from Pakistan side in a letter to finance minister and presented additional proposals from the Turkish side.

The proposals by the two countries cover trade, tourism, healthcare, hospitality industry, education, housing, agriculture, aviation, and banking sectors.

The finance ministry said turkey has expressed interest in developing legal framework for tourism infrastructure planning, allocation of public properties to the investors, determination and classification of qualities of hospitality facilities based on international standards.

Turkey intends to provide technical support in promotion and marketing of Pakistan’s tourism sector. They will organise seminars reciprocally.

The finance ministry said Pakistan recommended signing of a memorandum of understanding on cooperation in the field of investment focusing on auto industry, special economic zones, food processing, mining and minerals.

“Pakistan looks up to Turkish cooperation in development of tourist resorts.”

Both sides expressed interest in

strengthening cooperation in the field of educational services, inter-university exchange programs and establishment of research centers.

The ministry said the Pak-Turkey SEF will serve as the overarching strategic

policy framework for investment and trade relations.

“A high-level Strategic Cooperation Council will provide overall guidance and vision,” it added.

“There shall be a strategic economic group co-chaired by vice president of turkey and finance minister of Pakistan. There shall be seven joint working groups, which will provide sector specific inputs.”