Pakistan–Turkey Free Trade Agreement: A New Era of Cooperation

The Pakistan-Turkey Free Trade Agreement is a significant milestone in the history of bilateral trade between the two countries. The agreement was signed in 2010.

This agreement aims to boost trade between the two nations by reducing tariffs and other trade barriers. The agreement covers a wide range of products, including textiles, food, and machinery.

Pakistan is expected to benefit from the agreement by increasing its exports to Turkey, which is a significant market for Pakistani goods. The agreement also provides opportunities for Turkish companies to invest in Pakistan's textile and manufacturing sectors.

The agreement is expected to increase trade between the two countries by 10% annually, which will have a positive impact on the economies of both nations.

Pakistan and Turkey have been enjoying a robust relationship for decades, with the two countries sharing a rich cultural heritage and strong historical ties.

Turkey has been one of Pakistan's closest allies in the region, providing significant economic and military support to Pakistan.

The two countries have a long-standing agreement to cooperate on defense and security matters, with Turkey providing military aid to Pakistan on several occasions.

The Pakistan-Turkey Free Trade Agreement aims to further strengthen economic ties between the two nations.

In 2005, Pakistan and Turkey upgraded their bilateral relations to a strategic partnership, marking a significant milestone in their relationship.

Pakistan and Turkey have a deep historic relationship, and with a young population and central location in Asia, Pakistan offers important opportunities in various industries, including infrastructure and energy.

The agricultural goods market in Pakistan is a significant sector, with a value of $22.1 billion in 2018, expected to reach $35 billion by 2023.

Turkey's share of Pakistan's total imports is just 0.8%, which is a relatively low level considering their deep relationships.

10.5% of Pakistan's total imports originate from the food sector, presenting opportunities for Turkish businesspeople in the food and drink industry and related technologies.

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Turkish companies have a relatively small share in Pakistan's machinery imports, and efforts could be made to increase exports of agricultural machinery to Pakistan, which aims to boost agricultural production.

Cooperation in the defense industry is another important pillar of economic cooperation between the two countries, with potential for a good market in Pakistan, especially with the opening of a path for private sector involvement.

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