Pakistan and Türkiye have reaffirmed their commitment to expanding bilateral trade, targeting a $5 billion goal through strengthened Government-to-Government (G2G) and Business-to-Business (B2B) collaborations. The commitment was highlighted during a meeting between Türkiye’s Ambassador Dr. Mehmet Paçaci and Pakistan’s Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb. The meeting also marked the Ambassador’s farewell, emphasizing the positive trajectory of economic relations between the two countries.
The recent signing of the Trade in Goods Agreement 2022 was lauded as a pivotal step toward the ambitious trade target. Despite the historically strong ties rooted in shared faith, culture, and history, the current trade volume between Pakistan and Türkiye stands at only $1 billion. Both nations are keen to enhance this figure, underscoring the need for more robust G2G and B2B arrangements to drive future economic growth and collaboration across various sectors, including energy, agriculture, infrastructure, and technology.
Senator Aurangzeb expressed appreciation for Ambassador Paçaci’s role in fortifying bilateral relations, reiterating Pakistan’s commitment to deepening its partnership with Türkiye. The Finance Minister highlighted the progress made during a recent visit by a Turkish trade delegation, led by Trade Minister Dr. Omer Bolat, which explored new avenues for cooperation. “The trade delegation’s visit is a testament to our shared ambition to unlock the vast potential of our economic ties,” he noted.
Exploring New Avenues in Aviation and Investment
The aviation sector was also spotlighted as a crucial component of Pakistan and Türkiye’s bilateral cooperation. Finance Minister Aurangzeb discussed the sector’s significance during a meeting with Pegasus Airlines Chairperson Mehmat T. Nane and Lucky Cement Limited’s CEO Muhammad Ali Tabba. This partnership is part of Prime Minister Shehbaz Sharif’s broader vision to elevate Pakistan’s aviation industry, positioning it as a key driver of economic development.
Mehmat T. Nane provided insights into Türkiye’s aviation strategy, highlighting areas where Pakistan could benefit from Turkish expertise. He emphasized the potential for Pakistan to leverage Türkiye’s successful aviation model, which could be pivotal in advancing Pakistan’s own aviation capabilities. “The aviation partnership aligns perfectly with our mutual goals of enhancing trade and investment,” Nane remarked.
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Minister Aurangzeb echoed these sentiments, stressing that collaboration in aviation would not only boost economic ties but also pave the way for further investments in related sectors. The discussions also included the broader context of ongoing economic reforms in Pakistan, which have been met with positive responses from international stakeholders, including Moody’s recent credit rating upgrade for Pakistan.
Commitment to Economic Growth and Future Collaboration
Ambassador Paçaci expressed gratitude for the cooperation extended by Pakistan during his tenure, highlighting the strong and enduring friendship between the two nations. He emphasized that the recent engagements would solidify economic ties and open doors to new opportunities for bilateral trade and investment. “These interactions are more than diplomatic courtesies; they are foundational steps toward a prosperous shared future,” he said.
The Turkish Ambassador also extended appreciation on behalf of the Turkish trade delegation, noting that these collaborations are crucial in unlocking the vast potential for economic partnerships between Pakistan and Türkiye. He assured that Türkiye remains committed to working towards shared economic goals, with continued efforts to enhance bilateral trade, investment, and technical cooperation.
Senator Aurangzeb concluded the meeting by extending his best wishes to Ambassador Paçaci for his future endeavors, expressing confidence in the continued collaboration between the two countries. “Our nations’ shared history and cultural affinities will always guide us in our quest for mutual prosperity,” Aurangzeb stated. The meeting reinforced the strong ties between Pakistan and Türkiye, emphasizing a collective vision for economic growth and stability.
The positive outcomes of recent diplomatic and trade engagements signal a promising future for Pakistan-Türkiye relations. Both nations are actively seeking to enhance their economic portfolios through strategic partnerships, reflecting their commitment to long-term collaboration. The $5 billion trade target is not just an economic milestone but also a testament to the deep-rooted brotherhood between Pakistan and Türkiye, built on a foundation of mutual respect, shared goals, and a vision for a prosperous future.