The free trade agreement is expected to increase bilateral trade to $5 billion between 2016 and 2019 and $10 billion by 2022.   The free trade agreement between the two countries is expected to be signed before the end of 2016.  The Turkish Association of Industrialists and Businesses and the Karachi Chamber of Commerce and Industry supported the free trade agreement.  „We can strengthen cooperation with Turkish companies and further extend them from textiles to other potential sectors in order to benefit from their expertise in various sectors, including construction, tourism, mechanical engineering, food processing, chemicals and information technology,” he said. While answering a question about potential new markets for multilateral trade, he said the government needed to explore potential new markets in different parts of the world to increase trade. He added that the government was already working on different regions, such as the Association of Southeast Asian Nations (ASEAN), the African region and North and South America. In response to a question, he replied that cooperation between industry and investment was also on the map through the Memorandum of Understanding between the Turkish and Pakistan Investment Committee for Cooperation and Facilitation in Local Special Economic Zones (SMCs). The two leaders promised to increase the volume of bilateral trade, which currently stands at $800 million. Without prejudice to WTO provisions, the Turkey-EU customs union provides an important legal basis for Turkey`s free trade agreements. Within the framework of the customs union, Turkey is directing its trade policy towards the EU`s common trade policy. This harmonization concerns both autonomous regimes and preferential agreements with third countries.
After the Prime Minister`s approval, the EUSF project was sent to Turkey on 20 February, which was approved and signed by the two leaders of President Turky`s visit to Pakistan, he said. In response to a question, he replied that the SEF would allow Pakistan duty-free access to potential Turkish markets in order to increase bilateral trade between the two countries. He said two parties had agreed to establish a „scoping list” to examine their respective areas of strength in order to increase the volume of bilateral trade. Turkey negotiates and concludes free trade agreements with third countries in parallel with the global trend towards free trade agreements and its commitment to the customs union. Under the EU common tariff, preferential trade regimes are the most important part of trade policy towards third countries. Once the free trade agreement between the two countries is reached, bilateral trade could increase from $800 million currently to $5 billion, which would also help reduce the country`s trade and external deficit, Here Muhammad Ahmed Waheed told APP. After Turkish President Recep Tayyip Erdogan`s recent official visit to Pakistan, he hoped the two countries would reach a consensus on the conclusion of the free trade agreement, which would used a new era of growing trade and economic relations between the two countries. 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.