Latest news with #TradeinGoodsAgreement
Business Recorder
3 days ago
- Business
- Business Recorder
Turkish CG visits LCCI to explore ways aimed at boosting trade
LAHORE: The Consul General of Turkiye, Durmus Bastug visited the Lahore Chamber of Commerce and Industry on Monday to explore ways to expand trade and investment cooperation between the two brotherly countries. The key areas, which came under discussion for enhancing collaboration, were trade, investment, technology, tourism and agriculture, along with the regular exchange of business delegations. LCCI Vice President Shahid Nazir Chaudhry, Executive Committee Members Khurram Lodhi, Irfan Ahmad Qureshi, Amina Randhawa, Karamat Ali Awan, Rana Muhmmad Nisar, Shouban Akhter and Asif Khan also spoke on the occasion. Durmus Bastug said that many of Turkiye's leading companies are already operating in Pakistan which reflects the confidence of Turkish investors in Pakistan's market. He stressed the importance of strengthening business-to-business relations and shared Turkiye's interest in initiating more joint ventures with Pakistani counterparts. He said that Pakistan and Turkiye shared a bond rooted in brotherhood and mutual respect and assured that all possible efforts are underway to elevate the level of bilateral trade and cooperation. LCCI Vice President Shahid Nazir Chaudhry said that Pakistan holds its relationship with Turkiye in the highest regard. He said that the bond between the two countries is not just diplomatic but deeply historical and cultural, with both nations standing side by side during moments of celebration as well as times of adversity. He also recognized the crucial role played by both countries as members of the Organization of Islamic Cooperation in fostering unity, peace and progress within the Muslim world. While acknowledging the strong relationship, he pointed out that the current volume of bilateral trade remains modest. He shared that Pakistan's exports to Turkiye during FY 2023–24 amounted to $337 million, while imports stood at $491 million, making the total trade volume around $828 million. He stressed the need for greater efforts to unlock the untapped trade potential and fully utilize the Trade in Goods Agreement, which came into effect in May 2023. He expressed optimism that with mutual collaboration, the trade volume could be increased to at least $5 billion in the coming years. He also identified significant potential for growth in areas such as textiles, construction, food processing, pharmaceuticals, energy, tourism, sports goods and especially the information technology sector. LCCI vice president underlined the role of business institutions in strengthening bilateral ties and assured that the Lahore Chamber is ready to take the lead in promoting joint ventures, hosting trade delegations, participating in international trade exhibitions and organizing Pakistan–Turkiye business forums. He added that the Turkish Consulate General in Lahore can serve as a vital link between Turkish investors and the Pakistani business community, particularly in a vibrant city like Lahore, which serves as the cultural, industrial and economic hub of Punjab. Copyright Business Recorder, 2025
Express Tribune
3 days ago
- Business
- Express Tribune
Turkiye looks for jointventures in IT, tourism
Turkiye Consul General Durmus Bastug on Monday visited the Lahore Chamber of Commerce and Industry (LCCI) to explore ways to expand trade and investment cooperation with Pakistan. Key areas that came up for discussion were technology, tourism and agriculture along with regular exchange of business delegations. The ambassador said that many leading companies of Turkiye were already operating in Pakistan, which reflected the confidence of Turkish investors in the South Asian country's market. He stressed the importance of strengthening business-to-business ties and shared Ankara's interest in initiating more joint ventures with Pakistani firms. Speaking on the occasion, LCCI Vice President Shahid Nazir Chaudhry highlighted Turkiye's consistent support for Pakistan on key international matters. While acknowledging the strong relationship, he pointed out that the current volume of bilateral trade was modest. Pakistan's exports to Turkiye during fiscal year 2023-24 amounted to $337 million while imports stood at $491 million, bringing the total trade volume to around $828 million. He stressed the need for greater efforts to unlock the untapped trade potential and fully utilise the Trade in Goods Agreement, which came into effect in May 2023. He expressed optimism that with mutual collaboration, the trade volume could be increased to at least $5 billion in the coming years.
Express Tribune
22-04-2025
- Business
- Express Tribune
PM Shehbaz arrives in Turkiye for two-day official visit
Listen to article Prime Minister Shehbaz Sharif has arrived in Ankara on a two-day official visit to Turkiye at the invitation of Turkish President Recep Tayyip Erdogan, Radio Pakistan reported. Upon arrival at the airport, he was received by Turkiye's Defence Minister Yashar Guler. The visit underscores the deepening diplomatic and economic ties between Pakistan and Turkiye. During his stay, the PM will hold a one-on-one meeting with President Erdogan. The two leaders are expected to discuss a broad range of issues, including enhancing bilateral cooperation, expanding trade and investment opportunities, and addressing key regional and global developments. In addition to his political engagements, the PM will also meet with Turkish investors and business delegations to promote economic collaboration between the two countries. The PM is accompanied by Deputy Prime Minister Ishaq Dar, Information Minister Attaullah Tarar, and Special Assistant on Foreign Affairs Tariq Fatemi. The visit comes in the wake of Turkish President Recep Tayyip Erdogan's visit to Islamabad in February, where both leaders co-chaired the 7th session of the High Level Strategic Cooperation Council (HLSCC). During the February session, Pakistan and Turkiye signed 24 MoUs, reaffirming their shared commitment to strengthen bilateral ties across multiple sectors. A major highlight of the meeting was the agreement to increase bilateral trade to $5 billion. Key areas of cooperation outlined in the agreements included an expansion of the Trade in Goods Agreement, enhanced collaboration in the defence sector, and efforts to attract Turkish investment in Pakistan. The two sides also agreed to operationalise the Islamabad-Tehran-Istanbul trade corridor and to deepen cooperation in areas such as energy, finance, and digital trade.
Express Tribune
22-04-2025
- Business
- Express Tribune
PM Shehbaz Sharif leaves for Turkiye on official trip
Listen to article Prime Minister Shehbaz Sharif departed for Turkiye on Tuesday for a two-day official visit at the invitation of Turkish President Recep Tayyip Erdogan. According to a press release issued by the Prime Minister's Office, the premier is accompanied by Deputy Prime Minister and Foreign Minister Ishaq Dar, Minister for Information and Broadcasting Attaullah Tarar, and Special Assistant to the Prime Minister Tariq Fatemi. During the visit, PM Shehbaz Sharif is scheduled to hold comprehensive discussions with President Erdogan on bilateral ties and regional developments. The engagement aims to further strengthen the longstanding strategic partnership between the two nations. Prime Minister Shehbaz Sharif's ongoing visit to Turkiye comes in the wake of Turkish President Recep Tayyip Erdogan's visit to Islamabad in February, where both leaders co-chaired the 7th session of the High Level Strategic Cooperation Council (HLSCC). During the February session, Pakistan and Turkiye signed 24 memoranda of understanding (MoUs), reaffirming their shared commitment to strengthen bilateral ties across multiple sectors. A major highlight of the meeting was the agreement to increase bilateral trade to $5 billion. Key areas of cooperation outlined in the agreements included an expansion of the Trade in Goods Agreement (TGA), enhanced collaboration in the defence sector, and efforts to attract Turkish investment in Pakistan. The two sides also agreed to operationalise the Islamabad-Tehran-Istanbul trade corridor and to deepen cooperation in areas such as energy, finance, and digital trade.
