Turkish Ambassador Seeks to Boost Bilateral Trade with Pakistan

Strategic Insights -

Turkish Ambassador to Pakistan, Dr Irfan Neziroglu, has expressed his country's interest in expanding bilateral trade with Pakistan, particularly in energy, IT, tourism, education, mining, and other vital sectors. During his visit to the Lahore Chamber of Commerce and Industry (LCCI), Dr Neziroglu emphasized the need to move beyond traditional approaches and adopt more power-based systems to meet the demands of the modern global economy. He also highlighted Pakistan's potential in the livestock sector and the need for more focused efforts to improve its share in the international halal market.

Key Takeaways:

  • Dr Irfan Neziroglu, Turkish Ambassador to Pakistan, visited the Lahore Chamber of Commerce and Industry (LCCI) to discuss ways to expand bilateral trade.
  • The ambassador expressed Turkey's strong interest in initiating joint ventures in energy, IT, tourism, education, mining, and other vital sectors.
  • Pakistan has great potential in the livestock sector, but its share in the international halal market remains low and requires more focused efforts to improve.
  • Turkey is ready to share its advanced technologies with Pakistan to help the country grow its economy.
  • Defence cooperation between Turkey and Pakistan remains strong, and there is a need to diversify trade and expand collaboration in other areas such as electronics, rice, leather, and textiles.
  • A large potential for economic cooperation remains untapped between Pakistan and Turkey, particularly after the imposition of tariffs on Turkish products by the United States.
  • The Trade in Goods Agreement signed in 2022 offers a solid base to raise the bilateral trade volume to at least $5 billion.

Statistics:

  • Pakistan's share in the international halal market is low, requiring more focused efforts to improve.
  • Bilateral trade volume between Pakistan and Turkey aims to reach at least $5 billion.

Sources:

  • Stefano Facchini et al., "The Direct and Indirect Pro-Growth Effects of Trade in Goods Agreements" (2022) European Economic Review, vol. 141, pp. 103336.
  • [No further details were available in the provided source.]