Turkey, Pakistan sign MoUs for trade facilitation, customs cooperation and halal endorsement

The meeting took place on the sidelines of President Recep Tayyip Erdogan’s two-day visit.

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Pakistan and Turkey have sign two significant MoUs as Turkish President Erdogan visits Pakistan. The new MoUs will help in improving the level of economic engagement and explore the untapped potential for increasing investment and trade.

The decision was made during a meeting of the Joint Working Group (JWG) on Trade and Investment. This meeting took place on the sidelines of President Recep Tayyip Erdogan’s two-day visit.

One of the two MoUs is on Trade Facilitation and Customs Cooperation, and the other is to reinforce cooperation in the field of Halal Endorsement. Both Pakistan and Turkey agreed to explore possibilities of enhancing bilateral trade by trade facilitation and mutually helpful market access.

According to a statement issued, both sides studied the current bilateral trade and finalized an agreement to increase the level of economic engagement. Both countries agreed to motivate their businessmen to start joint ventures in the industrial and e-commerce sectors.

The Ministry of Commerce and Trade Development Authority of Pakistan (TDAP) organized the Pakistan-Turkey Business-to-Business (B2B) networking session. Secretary Commerce Ahmad Nawaz Sukhera began the session. He stressed that the positive bilateral relationship must be turned into economic gains for both nations.

Engineering, energy, construction, defense, automotive, IT, chemicals and tourism sectors:

Adviser to the Prime Minister on Commerce Razak Dawood paid a visit to the venue and met Turkish delegates. He assured them of the full support of the commerce ministry in working with Pakistani companies.

The B2B meetings took place in engineering, energy, construction, defense, automotive, IT, chemicals and tourism sectors. More than 450 successful B2B meetings were held between the Pakistanis and their Turkish business counterparts.

Turkey has high-level skills in road infrastructure networks, export processing zones, and shipping, which will be helpful in CPEC and other transit routes. Both countries have the potential to explore possibilities of investment opportunities in defense, food processing, and packing, auto parts, household and construction materials, etc.

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