ISLAMABAD: The Prime Minister approved in principle, the draft Strategic Economic Framework between Pakistan and Turkey and directed early finalization of the framework aiming at transforming the bilateral relations between the two countries into a broader growing strategic economic relationship.
He directed relevant ministries to vigorously pursue this framework and put in place strong institutional arrangements for its implementation, once finalized.
The meeting was attended by relevant federal ministers and secretaries including Finance, Information and Broadcasting, IPC, Health, Commerce, Energy, Chairman BOI and others. Secretary EAD gave a detailed briefing on the contents and contours of the proposed framework.
It was informed that during the Prime Minister’s visit to Turkey in the first week of January this year, the top leadership of the two sides had agreed to transform the bilateral relationship into a long-term strategic trade, investment and economic relationship based on the principles of reciprocity and fairness.
On his return from Turkey, the Prime Minister constituted a ten member ministerial committee headed by the Finance Minister, Asad Umar to finalize the proposed framework. Subsequently, two meetings of this Ministerial Committee were chaired by the Finance Minister and ideas and proposals were received from the 16 relevant ministries of the federal government.
After due consideration and examination, proposals were identified, evaluated and incorporated into a wholesome draft strategic economic framework.
The Finance Minister Asad Umar briefed the meeting that it is an integrated framework that has been built keeping in view the best interest of Pakistan, capitalizing on mutual complementarities and key advantages of the two economies, the framework so finalized will serve as the overarching strategic policy framework integrating all facets of existing bilateral economic cooperation into a single platform.
The Economic Framework seeks to build a strategic economic framework with brotherly country Turkey in a globally evolving geo strategic environment and through this instrument tangible measurable results will be pursued.
It will encompass broader areas of bilateral cooperation like trade, textiles, investment, industries and production, energy, economy/banking and finance, aviation, agriculture, social sectors and tourism.
Pakistan through this framework is not looking for aid but trade, investment and technology for enhancing industrial productivity of its economy. There are strong mutual complementarities between the two economies.
While on one hand Pakistan can benefit from modern industrial base and technological advancement specifically in auto sector, steel sector, value added textiles and tourism on the other hand Pakistan can meet Turkish economy’s requirements such as agricultural products, raw materials, textile materials etc.
The joint ventures between Turkey and Pakistan in multiple sectors including value added textile and leather industry can produce quality products for export to European Union and East Asian markets.
After approval by the Prime Minister in principle, the government of Pakistan is now sharing this draft framework with the Turkish side for their review and consideration before the same is finalized between the two countries in the coming weeks.