Pakistan, Turkey in sixth round of negotiations on free trade
Pakistan’s main export goods to Turkey include denim PET, ethanol, cotton yarn, fabric and garments, carpet, rice, leather, surgical instruments and sports goods as well as chemicals, while Turkey exports mainly manmade textiles, towels, steel, plastic chemicals and processed milk to Pakistan.
Pakistan’s trade balance had started to decline by 19% annually from $873 million in 2011 to $311 million in 2015 after Turkey imposed additional duties on the country’s exports, reports indicated.
Likewise, Pakistan and Iran had signed a free trade agreement in March 2016, which is expected to increase the bilateral trade to $5 billion per year, and then started to discuss the details of the agreement in late December 2016.
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