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Turkey and Pakistan target $5bn bilateral trade

By Pramod Kumar
Turkey president Tayyip Erdoğan and Pakistan's Prime Minister Shehbaz Sharif addressing a press conference in Islamabad Republic of Türkiye Directorate of Communications/X
Turkey president Tayyip Erdoğan and Pakistan's Prime Minister Shehbaz Sharif addressing a press conference in Islamabad

Turkey and Pakistan plan to increase bilateral trade to TL180.5 billion ($5 billion) after it rose 30 percent year on year to $1.4 billion in 2024.

“The bilateral trade volume between Turkey and Pakistan reached its highest level in 2024,” Daily Sabah newspaper reported, quoting President Tayyip Erdoğan’s speech at a business forum in Islamabad.

He said that Turkey is expanding the scope of its preferential trade agreement with Pakistan, adding that the deal is evolving towards a free trade agreement that will lead to increased trade volume.

In May 2023 Pakistan cut tariffs on 130 product categories, while Turkey lowered taxes on 261 products.

Turkish investors will be encouraged to invest in Pakistan and develop flagship projects, local Pakistani media reported, citing Erdogan after his meeting with Pakistani president Asif Ali Zardari. 

Erdoğan visited Pakistan on Wednesday after travelling to Malaysia and Indonesia.

This week Baykar, a defence supplier based in Turkey, signed a deal with the Jakarta-based defence company Republikorp to build a drone manufacturing plant in Indonesia.

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