Pakistan, Turkey vow to take bilateral trade volume to $5 billion

Karobar Karobar
May 20, 2024 - 19:44
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Pakistan, Turkey vow to take bilateral trade volume to $5 billion

ISLAMABAD: Pakistan and Turkiye pledged to strengthen bilateral and regional cooperation in multiple spheres, and decided to take the volume of their bilateral trade to five billion dollars.

The understanding came at delegation-level talks between the two countries in Islamabad on Monday where Foreign Minister Hakan Fidan led the Turkish side while Deputy Prime Minister Ishaq Dar headed the Pakistani delegation.

In a joint press stakeout following their “extensive” delegation-level talks, Ishaq Dar and the Turkish Foreign Minister told the media that they had reviewed bilateral cooperation including trade, investment, connectivity, and defense.

Ishaq Dar said the two countries are also planning to hold the next session of the Pakistan Turkiye High-Level Strategic Cooperation Council in the near future. “This Council meeting will carry out a comprehensive review of the ongoing cooperation as well as the bilateral strategic economic framework.”

The Deputy Prime Minister said there is also a history of Pakistan-Turkiye collaboration in defence-related projects. We are working on various joint ventures and continue to support each other to defend our territorial sovereignty and in the fight against terrorism.

He said the two countries have always supported each other on core issues and assisted during natural calamities.

Expressing his gratitude to Turkiye for its firm and consistent support to the oppressed people of India illegally occupied Jammu and Kashmir, Ishaq Dar said Pakistan will continue to support the legitimate struggle of the people of the Turkish Republic of Northern Cyprus.

The Deputy Prime Minister said Pakistan and Turkiye are two countries but one nation. He said the heart-to-heart relationship between our two peoples existed prior to the establishment of Pakistan.

In his remarks, the Turkish Foreign Minister said Pakistan is our strategic partner and our cooperation supports regional peace and stability. He said this is an unshakeable friendship and brotherhood rooted in history. He said Turkiye stands by Pakistan in their fight against terrorism.

Describing his meeting with Foreign Minister Ishaq Dar as fruitful, the Turkish Foreign Minister said the two sides have taken a principle decision to strengthen their relations not only in trade but also in defense, investment, banking, science, and technology.

The two Foreign Ministers voiced serious concerns over the situation in Gaza. They called for a permanent ceasefire in Gaza and the provision of humanitarian relief to the Palestinian people.

Pakistan PM, Turkiye agrees to expand cooperation

In a talk with the Turkish Foreign Minister, Prime Minister Shehbaz Sharif reaffirmed Pakistan’s firm commitment to further expand bilateral cooperation between Pakistan and Türkiye in all areas of mutual interest, including trade, investment, technology, and defence.

Minister of Foreign Affairs of Turkiye Hakan Fidan called on him in Islamabad today, the PM Office media wing said in a press release.

The Prime Minister said the current level of bilateral trade is not commensurate with the existing bilateral ties. He emphasized undertaking concerted efforts to achieve the bilateral trade target of five billion dollars in the next three years as already agreed by the leadership of the two brotherly countries.

Shehbaz Sharif invited Turkish companies to further expand their investment portfolio in Pakistan. He said the Turkish companies may consider relocating their industrial units to Pakistan.

While underscoring the special bonds of brotherhood between Pakistan and Türkiye, PM Shehbaz expressed satisfaction over the positive momentum in the bilateral relationship.

Regional and global developments, particularly the worsening humanitarian situation in Gaza, also came under discussion. The Prime Minister appreciated Turkish President Recep Tayyip Erdogan’s staunch advocacy for a permanent ceasefire in Gaza and lasting peace in the Middle East.