ambassador working to boost trade volume with Pakistan to $5 billion
KARACHI: Türkiye’s Ambassador to Pakistan, Irfan Neziroglu, has shared that both President Recep Tayyip Erdogan of Türkiye and Prime Minister Shehbaz Sharif of Pakistan have agreed to increase bilateral trade. The goal is to raise trade from the current $1.2 billion to $5 billion.
The ambassador stated during his visit to Karachi Chamber of Commerce and Industry (KCCI) that a high-level meeting will be convened shortly, perhaps in January or February 2024. This meeting would strive to remove obstacles in trade between the two nations and find means to enhance the business relationship.
He stressed the need for an intensification of cooperation, especially at a time when both countries are undergoing changing circumstances in the world. “Türkiye and Pakistan must work closely together. Our cooperation has become essential for both sides,” he said. “We are always ready to support Pakistan as true brothers.”
Ambassador Neziroglu said that despite strong political and defense ties between the two nations, trade remains weaker than expected. He vowed to help strengthen business ties and ensure Türkiye’s embassy and its consulates support Pakistani entrepreneurs interested in trade opportunities.
He also recommended holding seminars wherein business communities of both nations can discuss trade barriers and devise ways for their eradication. Ambassador Neziroglu further mentioned that although Türkiye has led many economic crises in the past, nowadays it is a significant economic power and renowned in the sectors of agriculture and industry. Pakistan, on the other hand, has expertise in the IT sector, and both nations can learn from each other and gain together.
Zubair Motiwala, head of the Businessmen Group, joined through Zoom and highlighted this significant opportunity to increase trade. He pointed out that exports of Türkiye are $255 billion worldwide, and imports are $31.8 billion. “Pakistan can replace many of these sources,” Motiwala said.
Motiwala discussed trade barriers, including anti-dumping duties on some Pakistani products, such as denim. He suggested flexibility in customs duties for imports from Pakistan to make the trade easier. He proposed the concept of a quota system to increase Pakistani exports to Türkiye.
Although Pakistan already imports quite a variety of products into the country, Motiwala said that there is still tremendous potential for Pakistan to increase its exports, especially in sectors such as towels and medicines.
Concluding the session, he underlined that with increasing trade, the Pakistan-Türkiye relationship will progress further. “Our friendship will become even better when we further enhance business interactions between our countries,” said Secretary of Ministry of Commerce, while suggesting that the Ambassador consider organizing a special exhibition of Turkish products at Expo Center Karachi.
KCCI Senior Vice President Ziaul Arfeen also spoke at the event. He mentioned the possibility of establishing an FTA with either of the two countries. He said the finalization of the FTA could enhance bilateral trade multifold. He has also suggested that the transaction of semi-processed raw materials, tax-free by the EU, could be enabled through Customs Union with the EU by Türkiye, for Pakistan’s exports to the EU.
Arfeen suggested that there could be cooperation between both countries in the agricultural sector, especially in food processing, livestock, and biotechnology. He pointed out that there is a potential for joint ventures and food festivals, which can help popularize the halal food industry.
Key officials of KCCI, in tandem with Türkiye’s Consul General Cemal Sangu, attended the meeting.
