Tuesday , February 20 2018

Pakistan has potential to enhance its exports to Turkey up to $5billion

Karachi : The Businessmen Panel (BMP) of the FPCCI said that there is no progress to report on the proposed FTA with Turkey. Despite several rounds of talks and negotiations spanning over a decade by the officials of Commerce Ministry, progress has yet to be made on reaching a free trade agreement (FTA) with Turkey which is unfortunate. Chairman BMP, Mian Anjum Nisar said Pakistan and Turkey have been engaged in FTA talks since 2004. There was a renewed push to complete the negotiations a few years ago when the Turkish prime minister visited Pakistan.

He said Pakistan has potential to enhance its exports to Turkey up to $5billion with the greatest capacity in the trade of instruments, surgical appliances and agriculture products, however it is desire that Pakistan should emphasize on pressing for tariff reduction on its high potential export products.“While the tariffs faced by the top 10 high potential items of Pakistan are low (9.6 percent or below) but there is a significant difference between tariffs placed on Pakistan and other Turkey’s Free Trade

Agreement partners like Egypt and Jordon. Though Turkey’s FTA partners Egypt and Jordan enjoy tariffs significantly lower than those currently faced by Pakistan. “BMP Chairman viewed that negotiations need to focus on tariff elimination across high potential exports, particularly those in which the exporter has a comparative advantage”. The Businessmen Panel also demanded for unilateral concessions from China on different pakistani products.

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