Monday December 11, 2023

Pakistan to boost trade with Turkey via ITI road corridor

By Our Correspondent
September 23, 2021
Pakistan to boost trade with Turkey via ITI road corridor

Karachi: Business leaders on Wednesday welcomed the operationalisation of road-based transport and trade between Pakistan and Turkey, which would definitely take bilateral business to the next level, a statement said.

The first land transport cargo would be transported to Turkey through Istanbul-Tehran-Islamabad (ITI) corridor from Pakistan.

“The road transportation was one of the major impediments in bilateral trade; and, now significant time will be saved,” said Mian Nasser Hyatt Maggo, President Federation of Pakistan Chambers of Commerce & Industry (FPCCI) in a statement.

He was speaking at the fourth meeting of Pakistan-Turkey Joint Chambers of Commerce & Industry Forum.

The meeting was participated by top most diplomats from both sides, business, industrial and trade leaders of the two countries and high-ranking government functionaries.

Ihsan Mustafa Yurdakul, Ambassador of Republic of Turkey to Pakistan, said current level of bilateral trade of around $1 billion could easily be enhanced to $5 billion in a span of few years; provided, “we strengthen B2B relations and target the right sectors & industries”.

Arshad Jan Pathan, Deputy Head of Mission at Embassy of Pakistan in Turkey, extended full support of the mission in Turkey for the realisation of true potential of trade between the two countries.

He also highlighted the opportunities available for investment in tourism, China Pakistan Economic Corridor (CPEC) and Special Economic Zones (SEZs). Pathan also talked about road-based truck movement from Pakistan to Turkey in the first week of October for which necessary facilitation for customs etc was being provided by Pakistan Mission.

Amjad Rafi, the co-chair of Pakistani side of the Turkey-Pakistan CCI Forum, thanked the audience; and, hoped the momentum and the mechanism pioneered through Pakistan-Turkey Joint Chambers of Commerce & Industry Forum would continue to bear fruits in the years to come and keep contributing towards the economic development of the two countries. Rafi said it was after a hiatus of almost a decade the bilateral trade volume between Pakistan and Turkey had crossed the psychological barrier of $1 billion dollars after 2011; after dropping to $650 million in between.

Prof Dr Omer Bolat, co-chair of Turkish side of the Turkey-Pakistan CCI Forum, said non-conventional sectors were fast becoming relevant as far as the bilateral trade was concerned; and, this phenomenon would add to the already increasing trade volumes.

M Rifat Hisarc kl o lu, President of The Union of Chambers and Commodity Exchanges of Turkey, emphasised the historical and humanitarian dimension of Turkey-Pakistan relations and expressed the importance of assessing the potential in economic and trade relations.

Bilal Khan Pasha, Consul General of Pakistan in Turkey, said despite all the Covid-related challenges, trade between two countries remained resilient and robust; and, hoped both the countries would continue to defy the challenges coming in the way of ever-increasing economic and commercial challenges.