ISLAMABAD: In bid to promote bilateral trade, Pakistan and Turkey have agreed to decrease regulatory and additional duties by 85 percent and finalise Free Trade Agreement (FTA) by the end of year 2016.
The understanding was reached between two countries during 4th Round of Pakistan-Turkey FTA negotiation, which was held in Islamabad. Additional Secretary (Trade Diplomacy) Robina Ather and Deputy Under Secretary Husnu Dilemre signed the MoU on behalf of their respective countries.
According to handout, both the countries also agreed that the elimination of 85 percent tariffs shall include regulatory duties and additional duties in case of Pakistan and additional duties and mass housing fund duties in case of Turkey.
It was also decided that Pakistan’s export to Turkey likely to increase by $500 to $600 million in short span of time. Current trade volume between two countries was recorded at around US$ 500 million by 2014-15, with export to Turkey recorded at US$ 309.19 million and imports at US$ 191.05 million.
