In a significant move to strengthen economic ties, Pakistan and Türkiye have announced their ambition to increase bilateral trade to $5 billion. This decision follows high-level discussions between President Recep Tayyip Erdoğan and Prime Minister Shehbaz Sharif in Istanbul.
Strengthening Economic Cooperation
During a joint press conference, President Erdoğan emphasized the importance of deepening trade and investment relations. He described Pakistan as a close ally, highlighting the enduring solidarity between the two nations across various sectors. Both leaders are committed to translating political goodwill into tangible economic collaboration.
Special Economic Zone and Trade Agreement
One of the key initiatives discussed is the establishment of a Special Economic Zone (SEZ) in Karachi, aimed at facilitating Turkish and Pakistani businesses. Additionally, negotiations are underway to expand the existing Preferential Trade Agreement (PTA), which is expected to enhance commercial exchanges significantly.
Focus on Defence and Regional Peace
Erdoğan noted that defence cooperation stands as a crucial pillar of the bilateral relationship, with ongoing joint defence projects aimed at bolstering Pakistan’s capabilities. He also identified energy, transportation, critical minerals, and information technology as priority areas for future collaboration. Furthermore, Erdoğan praised Pakistan’s mediation efforts in regional affairs, particularly the recent Islamabad Memorandum of Understanding aimed at reducing tensions between the United States and Iran.
