President Zardari’s visit to Turkey to promote bilateral relations

ISTANBUL Oct. 30 (APP) Pakistan and Turkey are expected to sign a currency swap agreement during the visit of President Asif Ali Zardari to Istanbul.This was stated by Pakistan’s Ambassador to Turkey Muhammad Haroon Shaukat during an interview with APP’s special correspondent Fayyaz Chaudhry in Istanbul on Sunday before the arrival of President Asif Ali Zardari.The agreement would allow the two countries to move towards arrangements to do trade in local currencies which will ease pressure on the foreign exchange.The ambassador said negotiations between Pakistan and Turkey are also progressing well for a Preferential Trade Agreement (PTA). He said the financial and business institutions of the two countries are promoting cooperation to facilitate the business community. The ambassador expressed satisfaction over growing bilateral trade between the two countries and said it had shown an increase of 50 per cent last year reaching close to one billion dollars. He said Pakistan is making sincere efforts to further facilitate business community of the two countries to increase the trade volume as both the countries are eyeing at reaching the target of two billion dollars bilateral trade by next year. Replying to a question, the ambassador acknowledged that the Turkey has placed safeguard duties on three products but added that these were not Pakistan specific. He pointed out that Turkey was facing trade deficit of 100 billion dollars a year and the safeguards are aimed at reducing the gap and providing protection to the domestic sector. The ambassador said Pakistan has asked the Turkish leadership to reduce duties of some of the products being imported from Pakistan to improve bilateral trade. Haroon Shaukat expressed the confidence that visit of the President Asif Ali Zardari to Turkey will add new dimensions to the already closer strategic relations and economic collaborations between the two counties. He described the visit of President very important in the given regional situation as President’s visit reflects Pakistan’s keen interest for promotion of peace and security in Afghanistan and strengthening of exemplary relations with Turkey. He said the visit of President is significantly important as besides discussion with his Turkish counterpart, he will attend the sixth trilateral summit being hosted by Turkey for peace, security and development in Afghanistan. He said President Zardari will have two meetings with President Abdullah Gul during his visit besides interaction with local business community and media. Photo caption: President of Pakistan H.E. Mr. Asif Ali Zardari arriving at Ataturk International Airport on 30 October 2011. He was received by Governor Istanbul Mr. Huseyin Avni Mutlu (seen on his right) received the President