KARACHI

Members of a delegation from Turkey have underscored the need for signing Free Trade Agreement (FTA) with a view to boost the existing trade ties between Pakistan and Turkey.

During their visit to the Karachi Chamber of Commerce and Industry, the delegation members, representing Turkish electrical appliances sector, expressed keenness to share technology and undertake joint ventures with their counterparts in Pakistan.

The Turkish delegation was led by Dr Guven Uckan, Vice President of Electrical Electronics and Services Exporters Association (EESEA) Turkey, while Murat Mustu, Commercial Attaché of Consulate General of Turkey, also accompanied the delegation. Younus Muhammad Bashir, President KCCI, and KCCI Managing Committee members were also present at the meeting.

Speaking on the occasion, Murat Mustu Commercial Attaché of Turkish Consulate in Karachi informed that it was the second delegation as a similar delegation from Jewelers Association of Turkey also visited Karachi last year which succeeded in building goods business relations with their counterparts in Pakistan.

Commenting on production of electrical appliances and machineries being produced in Turkey, he particularly mentioned that high quality textile machineries were being produced in Turkey and the same were being exported to the European Union. These products were much better as compared to similar machineries being produced by China, he claimed, adding that these machineries and electrical equipment can also be exported to Pakistan but the Custom duty rates were a bit high which can only be reduced by signing the FTA which was currently being negotiated.

He hoped that FTA between the two countries will soon be inked, which would surely create a win-win situation for the business communities of the two brotherly countries.

Welcoming the delegation, Younus Muhammad Bashir President KCCI said both countries were all weather friends and their economic ties were based on longstanding and deep rooted bilateral relationship providing economic and political support to each other. “Pakistan and Turkey have significant trade volume where Pakistan exported commodities of worth $322.60 million while imported commodities of worth $238.45 million during 2014-15, showing a trade balance of $84.15 million in favor of Pakistan”, he added.

He pointed out that Pakistan was a major importer of electrical and electronic items from around the world and there exists a growing demand of such products in the country.

Younus Bashir said, “Pakistan’s consumer electronics market is expected to grow by an annualized average of about 13.3 percent to $3.3 billion by 2016. Although, Refrigerators, Deep Freezers, Air conditioners are being manufactured within the country, yet the industry depends on imported Compressors for manufacturing these items.”

He also invited the Turkish delegation to participate in KCCI’s forthcoming 13th My Karachi – Oasis of Harmony exhibition scheduled to be organized at Karachi Expo Enter from 25th to 27th March 2016.