Pakistan Free Trade Agreement With Turkey

In the seventh round of free trade negotiations in June 2017, Pakistan requested either an extension of the GSP by Turkey or tariff concessions by the two countries, the lowest tariff they could have granted to another country under a free trade agreement. For its part, according to a source from the Pakistani team who attended the meeting, the Turkish side proposed a 25% reduction in the additional tariffs introduced in 2011, with the reductions spread over a five-year period and some tariffs over an 11-year period. The EU has decided to focus on bilateral trade agreements as an instrument for boosting growth, with the introduction of its new “Global Europe” trade strategy in 2006. In line with this strategy, the EU has begun negotiating free trade agreements with specific provisions on services, investment, public procurement and intellectual property rights, in order to increase/maintain its competitiveness in global markets. Turkey is preparing for such an environment. After starting and starting negotiations in parallel with the EU, Turkey is also adapting to all the issues covered in the agreements and negotiating next-generation free trade agreements with its potential partners. The two leaders promised to increase the volume of bilateral trade, which currently stands at $800 million. Free trade agreements with Lebanon, Kosovo, Sudan, Qatar and Venezuela are being ratified. To date, Turkey has concluded free trade agreements with 36 countries, 11 of which have been repealed because of their accession to the EU. 20 free trade agreements are currently in force in Turkey[1]; AELE, Israel, Macedonia, Bosnia and Herzegovina, Palestine, Tunisia, Morocco, Syria[2], Egypt, Albania, Georgia, Montenegro, Serbia, Chile, Mauritius, South Korea, Malaysia, Moldova, Faroe Islands and Singapore. The products in question are cotton fabrics, clothing and interior textiles, carpets, synthetic fibres, plastics and shoes. The additional tariffs range from 20% to 50%, bringing the total tariffs on these critical products from 28 to 67 units, combined with other duties that also apply to them. No further meetings are scheduled at this time and the Ministry of Commerce has formally asked the cabinet to authorize the Turkish refusal to either reduce their additional tariffs or extend the GSP status with the WTO, in accordance with the EU, in order to raise the issue of a trade dispute between the two countries.

If CitEc has recognized a reference but has not linked an element of RePEc to it, you can use this form to help you. The Free Trade Agreement between Turkey and Pakistan (also known as the Pakistan-Turkey Free Trade Agreement) is a free trade agreement between Pakistan and Turkey, which is being negotiated. [1] This is the granting of GSP status by Turkey, which calls Pakistan a commitment, since Turkey and the European Union are part of a customs union. The Ministry argues that Turkey has extended the same status to all, with the exception of Armenia and Pakistan, among the countries with the EU`s GSP status. “The Turkish government sent a delegation to Pakistan last month and we agreed to improve our trade relations,” said Abdul Razaq Dawood, Pakistan`s Prime Minister`s Adviser on Trade, Textiles, Industry, Production and Investment. The free trade agreement is expected to increase bilateral trade to $5 billion between 2016 and 2019 and $10 billion by 2022. [3] [4] The free trade agreement between the two countries is expected to be signed before the end of 2016. [5] The Turkish Association of Industrialists and Businesses and the Karachi Chamber of Commerce and Industry supported the free trade agreement.

[6] KARACHI: The Ministry of Commerce has sought the government`s permission to bring a long-running dispute with Turkey to the World Trade Organization (WTO) following the deadlock in discussions on a free trade agreement between the two countries.