President Recep Tayyip Erdoğan and Prime Minister Shehbaz Sharif signed 24 memorandums of understanding (MoUs) on Thursday in a variety of fields, including healthcare, media, trade, and defence.
The main accords were a technical cooperation agreement between the central banks of both nations, a Memorandum of Understanding between the Export Credit Bank of Turkey and the Export-Import Bank of Pakistan, and a Joint Declaration on the 7th Turkey-Pakistan High-Level Strategic Cooperation Council. Together with agreements on industrial property cooperation and digital trade certificate verification, the two countries also inked a Joint Ministerial Statement on boosting trade in goods.
By signing Memorandums of Understanding on electronic warfare cooperation, military health training, and the exchange of military and civilian people, defence cooperation was strengthened. Aerospace Industries of Turkey and the Naval Research and Development Institute of Pakistan inked a Memorandum of Understanding.
Agreements were signed by both parties on hydrocarbons, mining, water resource management, energy transition, and agricultural seed production. Additional Memorandums of Understanding covered public relations and communication tactics, legal metrology infrastructure, and halal commerce cooperation.
In addition, the two countries signed agreements for the co-production of audio-visual content and agreements in the areas of media, competition regulation, religious education, health, and pharmaceuticals.
The signing of the 24 MoUs between Pakistan and Turkey is expected to significantly boost trade relations between the two countries. Here are some key impacts:
- Enhanced Trade Volume:
The agreements aim to increase bilateral trade by addressing existing challenges and unlocking new opportunities. This includes revamping the Preferential Trade Agreement (PTA) to facilitate smoother trade flows.
Pakistan and Turkiye have pledged to continue efforts towards achieving a bilateral trade volume of $5 billion.
- Investment Opportunities:
Turkish investors have shown a keen interest in expanding their investments in Pakistan. The MoUs will streamline business operations and improve the ease of doing business, encouraging more Turkish companies to invest in sectors like infrastructure, manufacturing, energy, and transport1.
- Sectoral Cooperation:
The MoUs cover a wide range of sectors, including defense, energy, education, IT, and healthcare. This diversified cooperation will lead to the development of joint ventures and collaborative projects, further strengthening economic ties.
- Trade Exhibitions and Fairs:
Both countries plan to hold reciprocal trade fairs to showcase their products and services. For instance, a “Made in Pakistan” exhibition in Turkey will help Pakistani companies tap into the Turkish market, while similar events in Pakistan will promote Turkish products.
- Strategic Partnership:
The agreements reinforce the strategic partnership between Pakistan and Turkey, fostering deeper economic integration and collaboration. This partnership is expected to create a more favorable environment for trade and investment.
Overall, these MoUs are set to enhance economic cooperation, increase trade volumes, and create new investment opportunities, benefiting both countries.