ISTANBUL – Pakistan and Turkiye renewed ambition to raise bilateral trade to $5 billion but also signaled deeper cooperation in investment, defence, and regional peace efforts.
The announcement came after high-level talks between President Erdoğan and Prime Minister Shehbaz Sharif at Istanbul’s Vahdettin Palace, where both leaders reviewed bilateral relations, regional developments, and avenues for expanding economic and strategic cooperation.
Addressing a joint presser, President Erdoğan said the two sides had agreed to accelerate efforts to deepen trade and investment ties, describing Pakistan as a close partner with whom Türkiye enjoys enduring solidarity across multiple sectors. “We have reaffirmed our target of increasing bilateral trade to $5 billion,” Erdoğan said, adding that both governments were actively working to translate political goodwill into stronger economic cooperation.
Erdogan revealed that officials from both countries are moving forward with plans to establish a Special Economic Zone (SEZ) in Karachi for Turkish and Pakistani businesses. He also disclosed that negotiations were continuing to broaden the scope of the existing Preferential Trade Agreement (PTA), a move expected to further boost commercial exchanges.
He encouraged Turkish investors to expand their footprint in Pakistan, saying greater private-sector collaboration would strengthen economic relations.
Highlighting defence cooperation as one of the strongest pillars of bilateral ties, Erdoğan said joint defence projects were progressing steadily and would further enhance Pakistan’s capabilities. He also identified energy, transportation, critical minerals, and information technology as priority sectors for future collaboration.
Turning to regional affairs, Erdoğan applauded Pakistan’s mediation efforts that culminated in the Islamabad Memorandum of Understanding, signed on June 18 to end hostilities between the United States and Iran.
He said the agreement had eased international concerns and contributed to reducing regional tensions, while acknowledging that the implementation process continued to face challenges highlighted by international media.
PM Shehbaz, Erdoğan hold High-Stakes Talks focused on Fresh Investment, Trade
About the Author
