Islamabad, In a significant step toward deepening economic relationships, the Ambassador of the Republic of Turkiye, Mr. Mehmet Pacaci, met with Pakistan’s Federal Minister for Economic Affairs, Mr. Ahad Khan Cheema, today. The discussion aimed at strengthening the brotherly ties between the two nations with a focus on enhancing economic cooperation.
According to Press Information Department, Minister Cheema underscored the longstanding relationship based on shared faith, history, and cultural connections. The Minister celebrated the signing of the Trade in Goods Agreement/Preferential Trade Agreement (PTA) on August 12, 2022, as a landmark move. He also introduced the establishment of the Special Investment Facilitation Council (SIFC) in Pakistan, aimed at fostering investments, particularly from Turkiye in sectors like agricultural machinery and corporate farming. The meeting highlighted the significant untapped potential in bilateral trade and investment and emphasized the need for increased Government-to-Government (G2G) and Business-to-Business (B2B) collaborations.
Ambassador Pacaci expressed appreciation for the warm reception and reiterated Turkiye’s commitment to expanding trade through the High-Level Strategic Cooperation Council (HLSCC) and the Strategic Economic Framework (SEF). The discussions also covered cooperation in energy, banking, commerce, railways, and tourism, with plans for establishing a Turkish bank branch in Pakistan. Looking forward, both sides anticipate the upcoming session of the HLSCC, aiming to increase trade volume to US$5 billion. Minister Cheema concluded by reaffirming Pakistan’s commitment to realizing the full potential of their bilateral relations and enhancing cooperation across various sectors.