PM Shahbaz and Erdogan reset Pakistan-Turkey economic agenda with $5 billion trade push
ISTANBUL – Pakistan and Turkey renewed ambitions to increase bilateral trade to $5 billion but also signaled deeper cooperation in investment, defense and regional peace efforts.
The announcement came after high-level talks between President Erdoฤan and Prime Minister Shahbaz Sharif at Istanbul’s Vahtiton Palace, where the two leaders reviewed bilateral relations, regional developments and ways to expand economic and strategic cooperation.
Addressing a joint press conference, President Erdoฤan said the two sides agreed to intensify efforts to deepen trade and investment ties and described Pakistan as a close partner with whom Turkey enjoys lasting solidarity in a number of fields. “We have reaffirmed our goal of increasing bilateral trade to $5 billion,” Erdoฤan said, adding that the two governments are actively working to turn political goodwill into stronger economic cooperation.
Erdogan revealed that the authorities of the two countries are moving forward with plans to establish a Special Economic Zone (SEZ) in Karachi for Turkish and Pakistani businesses. He also revealed that discussions are underway to widen the scope of the existing Preferential Trade Agreement (PTA), a move expected to further promote trade exchanges.
He encouraged Turkish investors to expand their footprints in Pakistan and said that economic relations will be strengthened with the support of the private sector.
Highlighting defense cooperation as one of the strongest pillars of bilateral relations, Erdoฤan said joint defense projects are progressing gradually and will further enhance Pakistan’s capabilities. They also identified energy, transportation, critical minerals, and information technology as priority areas for future cooperation.
Turning to regional affairs, Erdoฤan praised Pakistan’s mediation efforts that culminated in the Islamabad Memorandum of Understanding, signed on June 18 to end hostilities between the United States and Iran.
He said the agreement had eased international concerns and contributed to easing regional tensions, while acknowledging that the implementation process faced challenges highlighted by the international media.
Prime Minister Shahbaz and Erdoฤan hold fresh high-level talks focusing on investment, trade
The post Prime Minister Shehbaz and Erdoฤan reset the Pakistan-Turkey economic agenda with a $5 billion trade push appeared first on Daily Pakistan English News.
Stay updated with the latest alerts on this story:
View Original Coverage
