Authorities in Pakistan and Turkiye stressed on enhancing bilateral trade and investment portfolio through more Government-to-Government (G2G) and Business-to-Business (B2B) arrangements.

The development came as Dr Mehmet Paçaci, the Ambassador of the Republic of Turkiye, paid a farewell courtesy call on Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, at the Finance Division on Wednesday.

The meeting also highlighted the signing of the Trade in Goods Agreement 2022 as a significant step towards achieving bilateral trade target of $5 billion.

“Both sides underscored the need for enhancing the trade and investment portfolio through more G2G and B2B arrangements,” read the statement.

Despite enjoying friendly relations, bilateral trade volume between Pakistan and Turkiye stands at only $1 billion.

“Finance Minister expressed appreciation for the outgoing envoy’s contributions to strengthening bilateral relations and reiterated Pakistan’s commitment to continue deepening its partnership with Turkiye across various sectors, including trade, investment, technical cooperation, and more,” read the statement.

During the meeting, Aurangzeb also highlighted the progress made during the recent visit of the Turkish trade delegation to Pakistan, led by Dr. Omer Bolat, Trade Minister of Turkiye, which helped in exploring new avenues for cooperation in sectors such as energy, agriculture, infrastructure, and technology.

Meanwhile, Ambassador Paçaci, in his remarks, expressed gratitude for the cooperation and support extended by the Government of Pakistan during his tenure.

“He also extended appreciation on behalf of the trade delegation of Turkiye and noted that these engagements would further solidify economic ties and help unlock the vast potential for bilateral trade and investment,” read the statement.