Pakistan to bolster trade with Turkey to USD5B
Date
5/20/2024 7:15:20 AM
(MENAFN) Following discussions with Turkish counterpart Hakan Fidan on Monday, Pakistani Foreign Minister Ishaq Dar revealed plans to significantly enhance bilateral trade between Pakistan and Turkey, targeting a volume of five billion dollars. This ambitious goal comes as part of ongoing efforts to strengthen economic ties between the two nations, reflecting a shared commitment to fostering mutually beneficial trade relations.
According to data from the Central bank of Pakistan, the volume of Pakistan's exports to Turkey amounted to USD323 million in the last fiscal year, while imports from Turkey reached USD477 million. These figures underscore the existing economic exchanges between the two countries and lay the groundwork for further expansion and cooperation across various sectors.
Highlighting the importance of bolstering trade ties, Pakistani Prime Minister Shehbaz Sharif previously emphasized the need to broaden bilateral trade with Turkey. Sharif's call for action underscored the strategic significance of enhancing economic collaboration as a means to achieve the targeted trade volume of USD5 billion, signaling a shared vision for advancing economic prosperity and commercial exchanges.
In parallel developments, Pakistan recently reached a preliminary agreement with the International Monetary Fund (IMF) to release USD1.1 billion from a USD3 billion rescue package, following extensive negotiations in Islamabad. This agreement reflects ongoing efforts to address economic challenges and bolster financial stability in Pakistan. Notably, the IMF acknowledged improvements in Pakistan's economic and financial landscape in recent months, underscoring progress made in overcoming one of the country's most severe economic crises and mitigating concerns regarding potential defaults on foreign debt obligations.
As Pakistan navigates economic reforms and seeks to strengthen its financial footing, partnerships with countries like Turkey play a pivotal role in driving sustainable growth and fostering greater economic resilience. The commitment to expanding trade ties underscores the strategic importance of collaboration in advancing shared economic interests and unlocking new opportunities for prosperity.
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