Published On: Thu, Dec 26th, 2013
Published in Category: Islamabad

Pakistan‚ Turkey agree for preferential trade agreement

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ISLAMABAD: Pakistan and Turkey have agreed to conclude preferential trade agreement to promote trade between the two countries. The understanding came at a meeting between Prime Minister Nawaz Sharif and his Turkish counterpart Recep Tayyip in Islamabad on Tuesday. Later in a press stake out along with his Turkish counterpart‚ Prime Minister Nawaz Sharif expressed the confidence that this economic framework will significantly contribute to trade facilitation between the two friendly Muslim countries.

He said both the sides have agreed to intensify cooperation in the sectors of energy‚ urban and infrastructure development and housing. Pakistan and Turkey signed two MOUs in Islamabad Tuesday for cooperation in different sectors. One related to cooperation in sports and the other to coping with the natural disasters.

Prime Ministers of both the countries witnessed the signing ceremony. Earlier‚ Prime Minister Nawaz Sharif and Turkish Prime Minister Recep Tayyip Erdogan held talks at the prime minister house in Islamabad.

They discussed the entire gamut of bilateral relations with particular focus on promoting trade and economic cooperation. Earlier‚ on arrival at the prime minister house‚ a warm welcome was accorded to the visiting dignitary.

A formal welcome ceremony was held in honour of the visiting Turkish Prime Minister.
On the occasion‚ anthems of both the countries were played. A smartly turned out contingent of armed forces presented guard of honour to the visiting dignitary. President Mamnoon Hussain will host a luncheon in honour of the Turkish Prime Minister.

Prime Minister Muhammad Nawaz Sharif and his Turkish counterpart Recep Tayyip Erdogan have vowed to take bilateral cooperation in diverse fields to new heights. They made this pledge while addressing the Pak-Turk Business Forum in Lahore.

Nawaz Sharif said Pakistan plans to build economic corridors and expressways to link its markets with the regional countries and the Turkish expertise can complement our ambitions in undertaking such projects.

Nawaz Sharif said that he was very much encouraged by the interest shown by the Turkish companies in Bhasha and Bunji dams‚ Lahore-Karachi Motorway and Gaddani Power park.

He said Pakistan’s Board of Investment and the Pak-Turk business Council are also working to boost cooperation in textile‚ automotive and communication sectors. The Turkish Prime Minister Recep Tayyeb Erdogan said he considers Pakistan as his second home and is proud of this relationship.

He said he has brought with him representatives of thirty nine Turkish Companies as well as a huge trade delegation to explore investment opportunities in Pakistan. The Turkish Prime Minister said the current trade volume between Pakistan and Turkey hovers around eighty three million dollars which did not manifest the actual trade potential existed between the two brotherly countries.

He appreciated Prime Minister Nawaz Sharif’s economic policies that have restored foreign investors confidence to invest in Pakistan. Pakistan and Turkey have signed three Memoranda of Understanding in Lahore. The MOUs relate to enhancing cooperation between Punjab Industrial Department and Turkey Cooperation Agency‚ Pakistan Railways and Turkish Logistics Organization and Pakistan Standard Quality Control Authority and Turkish Standard Institution.

Prime Minister Muhammad Nawaz Sharif hosted a dinner in honour of Turkish Prime Minister Recep Tayyip Erdogan and his delegation at Hazuri Bagh‚ Lahore Fort. Punjab Chief Minister Muhammad Shahbaz Sharif‚ Chairman Senate Syed Nayyar Hussain Bukhari‚ Speaker Punjab Assembly Rana Muhammad Iqbal Khan‚ Federal and Provincial Ministers‚ parliamentarians and industrialists also attend the dinner.

Earlier‚ Turkish Prime Minister Erdogan laid a floral wreath at the mausoleum of the philosopher poet Dr Allama Muhammad Iqbal and offered Fateha. The Turkish Premier also recorded his impressions in the visitor’s book. Erdogan also visited the historic Badshahi Mosque.