The seventh round of negotiations between Pakistan and Turkey on Free Trade Area will be held by the end of May.
The two countries will meet to finalize the agreement and also discuss the specific sectors including textiles. Both sides will exchange provisional lists for a final agreement in the upcoming round of dialogue. This discussion will also include agreements on investments, goods and services.
Pakistan’s trade balance with Turkey had been decreasing since 2011 when additional duties were implemented by both countries.
After signing the FTA both countries will be able to improve their trade balances. Pakistan is likely to get market in pharmaceutical and agriculture sectors. The major imports of Pakistan from Turkey include man made textiles, steel structure, plastic chemicals and processed milk among others, while the major exports include ethanol, cotton, leather, garments, carpets, surgical instruments and fabrics among others.
