Pakistan and Trkiye Strengthen Bilateral Ties, Commit to $5 Billion Trade Target

Strategic Insights -

Pakistan and Trkiye reaffirmed their resolve to deepen bilateral cooperation across key sectors, including defence, trade, energy, culture, education, and infrastructure, pledging to enhance the bilateral trade volume to $5 billion. The two sides expressed satisfaction over the ongoing progress of the 12 joint standing committees established under the High-Level Strategic Cooperation Council (HLSCC). The Pakistani side, led by Deputy Prime Minister Ishaq Dar, praised Trkiye's successful indigenization of its defence industry, which had grown from 20% to 80% in recent years, and expressed a desire to benefit from its experience.

Key Takeaways:

  • The 12 joint standing committees under the HLSCC have either already met or are scheduled to meet in the coming weeks, with the Joint Ministerial Commission (JMC) expected to be held in the coming weeks.
  • The JMC will be co-chaired by the Minister of National Defence of Trkiye, Yasar Gler, and the Minister of Commerce of Pakistan, Jam Kamal Khan, to further bolster economic cooperation.
  • Pakistan is pursuing the establishment of a Special Economic Zone in Karachi dedicated to Turkish enterprises, while efforts are underway to revive the Istanbul-Tehran-Islamabad rail corridor.
  • Several major projects involving Turkish firms are being considered, including the Jinnah Medical Complex, Danish University, offshore drilling operations, and participation in the privatization of power distribution companies.
  • Pakistan is also working to benefit from Turkish expertise in ship-breaking and water management, with capacity building in counter-terrorism also on the agenda.
  • The two sides reaffirmed their commitment to strengthening bilateral trade to attain the mutually agreed target of $5 billion.

Statistics:

  • The High-Level Strategic Cooperation Council (HLSCC) has established 12 joint standing committees to deepen bilateral cooperation.
  • Trkiye's defence industry has grown from 20% to 80% in recent years.
  • Pakistan and Trkiye have agreed to enhance the bilateral trade volume to $5 billion.
  • The Joint Ministerial Commission (JMC) is expected to be held in the coming weeks.
  • The Istanbul-Tehran-Islamabad rail corridor is being revived, with efforts underway to finalize a roadmap.

Sources:

  • Turkish Foreign Minister Hakan Fidan
  • Deputy Prime Minister Ishaq Dar
  • The joint press stakeout of Turkish Foreign Minister Hakan Fidan and Deputy Prime Minister and Foreign Minister Ishaq Dar
  • Pakistani Prime Minister Muhammad Shehbaz Sharif's statement on the occasion of the visit