24 accords and MoUs inked: Turkiye, Pakistan to boost bilateral trade to $5bn

ISLAMABAD: In a bid to further enhance trade and economic relations between the two countries, Pakistan and Turkiye signed 24 agreements and memoranda of understanding (MoUs) on Thursday, reaffirming their commitment to work towards a bilateral trade volume of $5 billion.

The signing of agreements and MoUs took place during Turkish President Recep Tayyip Erdogan’s visit, as he is on a two-day visit to Pakistan to co-chair the 7th session of the Pakistan-Turkiye High-Level Strategic Cooperation Council (HLSCC), a forum established in 2009 to enhance bilateral collaboration.

The HLSCC oversees joint standing committees that focus on key sectors including trade, investment, banking, finance, culture, tourism, energy, defense and agriculture.

Since its establishment, the council has convened six sessions, the most recent of which occurred in Islamabad in 2020.

“In the seventh session of our strategic council meeting, which we have just concluded, we have agreed to further strengthen our relations,” said President Erdogan after witnessing the signing ceremony of 24 agreements with Prime Minister Shehbaz Sharif.

“Within the framework of this visit, we have signed a total of 24 agreements and MoUs in the fields of trade, water resources, agriculture, energy, culture, family and social services along with science, banking, education, defence and health,” said President Erdogan.

He said that “we have reached an agreement with Prime Minister Sharif to reach a goal of $5 billion trade volume between Turkiye and Pakistan,” adding that “to this end, we are expanding our current goods trade agreement in the first stage.”

The agreements include four MoUs related to defence, two MoUs and a protocol concerning the power, energy, and mining sectors, three MoUs aimed at promoting cooperation in the trade and industrial field, two agreements focused on water and seed production, two MoUs dedicated to scientific education and training, two MoUs in the banking sector, one MoU to foster bilateral cooperation in religious services and education, one MoU pertaining to Halal food, one MoU in media and public relations, one MoU in the legal sector, one MoU in health and pharmaceuticals, one MoU to promote cooperation in the aerospace industry and two agreements in the fields of cultural cooperation and co-production.

The two countries also exchanged two MoUs signed by the Pakistan-Turkiye Business Forum to enhance bilateral cooperation between the two countries.

The above-mentioned agreements and MoUs were signed by the concerned ministers of both countries witnessed by President Erdogan and Prime Minister Sharif.

Finance Minister Muhammad Aurangzeb and Turkish Foreign Minister Hakan Fidan exchanged the signed documents of MoU in the field of technical cooperation between the Central Bank of Turkiye (CBRT) and State Bank of Pakistan (SBP).

Finance Minister Aurangzeb and Turkish Minister of Trade Omer Bolat exchanged the signed documents of the declaration on the MoU between the Export Credit Bank of Turkiye and the Export-Import Bank of Pakistan.

Erdogan said that he had also held extensive discussions with Prime Minister Sharif on bilateral, regional and global issues.

President Erdogan also addressed the Pakistan-Turkiye Business and Investment Forum, speaking to leading investors, companies, and business leaders from both nations. He urged them to strengthen cooperation in key economic sectors.

Earlier, President Erdogan was warmly welcomed with a guard of honour upon his arrival at the Prime Minister’s Secretariat for talks with PM Shehbaz.

A contingent of the armed forces presented a guard of honour to the visiting dignitary, with the national anthems of both countries also played.

A statement issued by the PM Office said that during a high-level meeting, the Turkish president said that both countries considered expanding the scope of their current goods trade agreement in the first stage.

“Turkish investors will be encouraged to engage more in Pakistan and develop flagship projects,” Erdogan told reporters after the meeting.

“Our military dialogue and cooperation in the defence industry have grown our trade and investment relations exponentially.”

Erdogan said that both sides reaffirmed their determination to advance projects and potential areas of cooperation including procurement, sales and joint manufacturing.

The Turkish president expressed confidence that the 24 agreements signed with Pakistan will prove to be beneficial for the two countries and the region.

Addressing the Pakistan-Turkiye Business Forum, Prime Minister Sharif said that both nations had pledged to ensure bilateral trade worth $5bn.

“We had committed that together, we will achieve a target of $5bn volume in bilateral trade, but unfortunately, it is a long way to go,” he added.

“Today we signed various MoUs and agreements but the more important point is that we need to convert them from paper to action. In that, I am fully committed to supporting all your efforts,” said Sharif.

The prime minister sincerely apologised for any “undue inconvenience” experienced by Turkish investors, refusing to delve into details to avoid “political point scoring”.

“Some of our Turkish businessmen who came to Pakistan with a great sense of commitment … did that investment and both sides benefitted, but at the end of the day, some were given undue inconvenience and we are extremely sorry for that. It should not have happened and it shall not happen ever again,” Sharif added.

“I want to ensure my Turkish investors and businessmen that like in the past, or more than ever before, I will be there and my team will be there to facilitate you and assist you in investing, importing from and exporting to Pakistan,” said Sharif, and added, “In that respect, I will act as a CEO of Pakistan as far as Turkish businessmen are concerned.”

Speaking after the agreements signing ceremony, PM Sharif said, “On behalf of the people of Pakistan, my government, and myself, would like to extend a heartfelt welcome to Pakistan, to your second home. It is wonderful to have you after five years.”

“The people of Pakistan are extremely happy today to see you along with your delegation, visiting your brotherly country.”

The prime minister thanked Turkiye for standing by Pakistan “through thick and thin, during earthquakes and floods.”

“Your visit to Pakistan today has given a new level to our brotherly relations,” he added.

President Erdogan expressed his gratitude to Prime Minister Sharif for the warm welcome and said, “In the seventh session of our council, which we just concluded, we have agreed to further strengthen our relation.”

Earlier, Erdogan was also greeted at the PM House by Chief of Army Staff (COAS) General Asim Munir, with both of them shaking hands.

The Turkish president was also presented with a salute comprising various fighter jet formations, including three F-16 aircrafts.

Copyright Business Recorder, 2025