Pakistan, Türkiye reaffirm $5 billion trade target during Istanbul meeting

ISLAMABAD: Pakistan and Türkiye on Saturday reaffirmed their commitment to raising bilateral trade to $5 billion as Prime Minister Muhammad Shehbaz Sharif and Turkish President Recep Tayyip Erdogan agreed to deepen cooperation in trade, investment, defense, energy and emerging technologies during high-level talks in Istanbul.

The meeting at the Vahdettin Mansion came hours after PM Sharif addressed the Pakistan-Türkiye Business Forum, where he invited Turkish investors to explore opportunities in Pakistan's Special Economic Zones, energy, information technology, privatization and other priority sectors.

Pakistan and Türkiye enjoy longstanding brotherly relations rooted in shared history, mutual trust and close political cooperation. The two countries have institutionalized their partnership through the High-Level Strategic Cooperation Council and have steadily expanded collaboration across trade, investment, defense, energy, education and regional diplomacy.

Addressing a joint press stakeout after their meeting, President Erdogan said the two leaders had reviewed steps to strengthen economic ties and reaffirmed their shared trade ambitions.

"We have reaffirmed our target of increasing our trade volume to the previously set level of $5 billion," Erdogan said.

He said the two sides were also working on a special economic zone planned for Turkish businesses in Karachi, while negotiations were continuing to expand the scope of the preferential trade agreement.

Erdogan encouraged Turkish businesses to expand their presence in Pakistan.

"We too encourage our investors to engage in more activities in Pakistan," he said.

Highlighting the strategic dimension of bilateral ties, the Turkish president described defense cooperation as a cornerstone of the two countries' economic partnership.

"Our cooperation in the defense industry is one of the cornerstones of our economic relations, and it continues to grow stronger with new projects each passing day," Erdogan said.

He added that Türkiye wanted to deepen cooperation with Pakistan in energy, transportation, critical minerals and information technologies.

Turning to regional developments, Erdogan congratulated Prime Minister Shehbaz and the people of Pakistan on their efforts to promote peace through the Islamabad Memorandum of Understanding.

"I would like to once again congratulate my dear brother, Prime Minister Shehbaz Sharif, as well as our Pakistani brothers and sisters whose invaluable efforts played a major role in achieving this outcome," he said.

Erdogan said Türkiye would continue supporting initiatives aimed at reducing tensions in the region through diplomacy.

"We too have supported and continue to support every step that will help to reduce tensions in our region and resolve issues through diplomatic means," he said.

Referring to the situation in the Middle East, Erdogan accused Israel of fueling instability in the region.

"The current war-addicted Israeli government must not be allowed to once again engulf our region in the smell of gunpowder and blood," he said.

The Turkish president added that Türkiye sought "the establishment of an environment in which all the peoples of the region, regardless of their faith, can live in peace and security."

PM Sharif said the two leaders had held "very comprehensive and productive discussions" and reviewed concrete measures to unlock the full potential of bilateral economic relations.

"The tremendous reservoir of goodwill between our two countries provides us a unique and ideal opportunity to achieve our mutually agreed target of $5 billion in bilateral trade," he said.

The prime minister said both sides had expressed satisfaction over the growing momentum in bilateral trade, investment and industrial cooperation.

Reaffirming Pakistan's longstanding positions on regional issues, PM Sharif said Islamabad would continue to support Türkiye on the issue of the Turkish Republic of Northern Cyprus.

"Pakistan will continue to stand firmly with Türkiye on the issue of the Turkish Republic of Northern Cyprus," he said.

He also thanked Türkiye for its continued support for the people of Jammu and Kashmir.

"I once again express Pakistan's profound appreciation for Türkiye's principled and unwavering support for the people of Jammu and Kashmir and their ultimate right to self-determination," the prime minister said.

PM Sharif also thanked Ankara for backing Pakistan's efforts to promote regional peace.

"I express my deep and sincere appreciation for Türkiye's strong and steadfast support for Pakistan's peace effort in the region that, Alhamdulillah, have culminated in the signing of the Islamabad Memorandum of Understanding," he said.

The prime minister said he and Erdogan had reaffirmed their belief that dialogue and diplomacy remained essential to resolving disputes.

"President Erdogan and I reaffirmed our shared belief that dialogue, diplomacy and mutual respect remain the only sustainable path to resolving disputes and preserving international peace and security," he said.

Expressing confidence in the future of bilateral ties, PM Sharif said the understandings reached during the visit would deliver tangible benefits for both countries.

"The decisions we have taken today will not remain words on paper. They will translate into greater trade, stronger investment, deeper strategic cooperation and, above all, a better future for our peoples," he said.