Pakistan is reportedly not interested in Preferential Trade Agreement (PTA) with Turkey as the latter's offered list is not beneficial to the former, well informed sources told Business Recorder.An official delegation led by Commerce Secretary Zafar Mahmood is leaving for Turkey on Tuesday (today) to attend Joint Ministerial Commission (JMC) meeting in which different economic issues and future economic ties will come under discussion, the sources added. (source)
Turkish ambassador to Pakistan Hizlan Babur recently announced at Lahore Chamber of Commerce and Industry that PTA will be inked early this year as the list of goods to be traded between the two countries is being finalised.
"What I can say is that Pakistan is not interested in the list of tradable items offered by Ankara.
What is our need, Turkey is not ready to offer us because of agreement with European Union (EU)," the sources added.According to sources, Pakistan team will discuss different economic issues with Turkish officials including the problems being faced by Pakistani textile and electric goods.
According to Turkish government if the two countries sign PTA of its choice, it would help achieve $2 billion two-way trade.Pakistan's bilateral trade with Turkey has grown substantially (79 percent ie from $296.725 million in 2003-04 to $531.506 million in 2008-09), with balance of trade in favour of Pakistan.
Pakistan's exports to Turkey include cotton fabrics, cotton yarn, chemical materials and products, articles of apparel/cloth (knitted), leather/synthetic fabrics, etc.In 2010, during 13th session of JMC, both countries agreed in principle to initiate the process for finalising Free Trade Agreement (FTA) as the two countries are eyeing $2 billion bilateral trade by the end of 2012.
Both the countries had also signed Memorandum of Understanding (MoU), according to which it was vowed that the two countries would vigorously pursue the negotiations to finalise FTA as early as possible.
However, they did not give any timeframe in this regard.According to the MoU, both the countries are convinced that despite global recession, $2 billion bilateral trade target would be achieved by the end of 2012.
The JMC had also decided to expedite the initiatives of the Pakistani-Turkish Business Council.
Pakistan and Turkey acknowledge the importance of enhancement of trade through the regional economic organisations such as the Economic Co-operation Organisation (ECO) and the Organisation of Islamic Conference (OIC).
And are supporting reciprocal exchange of 'investment assessment delegations' with a view to determining the potential sectors and further acquaint themselves with each other's investment circles.
"What I can say is that Pakistan is not interested in the list of tradable items offered by Ankara.
What is our need, Turkey is not ready to offer us because of agreement with European Union (EU)," the sources added.According to sources, Pakistan team will discuss different economic issues with Turkish officials including the problems being faced by Pakistani textile and electric goods.
According to Turkish government if the two countries sign PTA of its choice, it would help achieve $2 billion two-way trade.Pakistan's bilateral trade with Turkey has grown substantially (79 percent ie from $296.725 million in 2003-04 to $531.506 million in 2008-09), with balance of trade in favour of Pakistan.
Pakistan's exports to Turkey include cotton fabrics, cotton yarn, chemical materials and products, articles of apparel/cloth (knitted), leather/synthetic fabrics, etc.In 2010, during 13th session of JMC, both countries agreed in principle to initiate the process for finalising Free Trade Agreement (FTA) as the two countries are eyeing $2 billion bilateral trade by the end of 2012.
Both the countries had also signed Memorandum of Understanding (MoU), according to which it was vowed that the two countries would vigorously pursue the negotiations to finalise FTA as early as possible.
However, they did not give any timeframe in this regard.According to the MoU, both the countries are convinced that despite global recession, $2 billion bilateral trade target would be achieved by the end of 2012.
The JMC had also decided to expedite the initiatives of the Pakistani-Turkish Business Council.
Pakistan and Turkey acknowledge the importance of enhancement of trade through the regional economic organisations such as the Economic Co-operation Organisation (ECO) and the Organisation of Islamic Conference (OIC).
And are supporting reciprocal exchange of 'investment assessment delegations' with a view to determining the potential sectors and further acquaint themselves with each other's investment circles.
