The Federation of Pakistan Chambers of Commerce & Industry

Karachi (PR): Mr. Irfan Iqbal Sheikh, President FPCCI, has categorically rubbished the claims
doing the rounds in some news articles that private-sector of Pakistan was not consulted on the
recently signed and well-anticipated Preferential Trade Agreement (PTA) between Pakistan and
Turkiye, i.e. Pakistan - Turkiye Trade in Goods Agreement. He emphasized that we should be
careful in giving press statements pertaining to the very crucial, historical, brotherly and
economically significant Pakistan - Turkiye relations.

FPCCI Chief has also expressed his satisfaction over the fact that Pakistan - Turkiye Preferential
Trade Agreement (PTA), i.e. Pakistan - Turkiye Trade in Goods Agreement, has been signed on
August 12, 2022 in Islamabad; in the presence of the commerce ministers of the two counties in
a high-profile ceremony. Being the apex body, FPCCI represented the entire business community
of the country on the auspicious occasion.

Mr. Irfan Iqbal Sheikh has apprised that in FY22, the bilateral trade volume between the two
brotherly countries has crossed the psychological barrier of $1 billion after a long hiatus of ten
long years and has climbed up to $1.1 billion per year. Therefore, he is optimistic, the bilateral
trade volume is expected to get a major boost in the years to come and has the potential to touch
the $5 billion mark in a matter of a few years.

Mr. Amjad Rafi, Chairman of FPCCI’s Pakistan-Turkey Joint Business Council (PTJBC), has
explained that a very rigorous and regular consultative process was going on in the federal
ministry of commerce for a period of one and a half years; and, stakeholders from the business,
industry and trade community of Pakistan was duly and thoroughly consulted.