ISLAMABAD, May 22: Pakistan and Turkey have signed a Bilateral Investment Treaty, exchanged eight memorandums of understanding (MoUs) and protocols to enhance economic cooperation and resolved to increase their trade volume by finalising a preferential trade agreement.
A joint declaration signed on Tuesday by the prime ministers of the two countries at the conclusion of the second session of the Pakistan-Turkey High Level Cooperation Council (HLCC) acknowledged its significance as a major political forum to steer bilateral relations.
It was decided that annual consultations at the level of foreign ministers would be held alternatively in Ankara and Islamabad.
The two countries agreed on cooperation to facilitate transit trade, ship-building and repairs, a vessel tracking system, road construction projects, and upgrading railway rolling stock and locomotives.
They decided to ensure regular operations of the Islamabad-Tehran-Istanbul container train with participation of the private sector.
The two sides agreed to explore possibilities of running high-speed trains, cooperation in repair of passenger and cargo trains and training oftransport officials and exchange of technical experts.
Cooperation in Islamic and micro-finance banking and training was also focused.
An accord was reached on cooperation on insurance information, catastrophe insurance arbitration methods, private pension system, capital market regulations, a public debt and risk management system, performance based budgeting, financial reporting and internal financial control.
The meeting stressed strengthening of cooperation against money laundering and terrorism financing by sharing information.
The two sides stressed collaboration between the Istanbul and Karachi Stock Exchanges for cross-border listing and portfolio investment.
The seven joint working groups of the HLCC will continue their work to develop specific programmes and the next meeting of the council will be held in Ankara next year.
Pakistan will provide special incentive packages and establish exclusive investment zones for Turkish companies.
The next meeting of Turkey-Pakistan Joint Business Council will be held in September this year or March next year in Turkey.
A free ethnographic corner will be offered to Turkey in Pakistani museums.
Turkey expressed its intention to open a cultural centre in Pakistan.
The declaration said the two countries recognised “a common vision and desire for peace and prosperity of their people and their region”.
They agreed to broaden cooperation between their security agencies in counter-terrorism and drug trafficking.
Joint defence production and related research and development activities would be focussed, they said.
It was decided that power generation would be developed strengthening information sharing and facilitating private sector’s involvement.
A meeting will be held in Turkey this year to enhance cooperation in the field of renewable energy.
The two sides agreed to increase cooperation in geothermal sources, geo-information systems and remote sensing.
They agreed to encourage private Pakistani and Turkish companies to set up hydroelectric power stations and sub-stations on a turnkeybasis.
Turkey will provide teachers, curriculum and training material for Turkish language courses introduced in Pakistan.
The two sides decided to constitute a joint working group on technical and vocational training, introduce new exchange programmes for civil experts in energy, transport, agriculture, security services and public administration, launch scholarship schemes and studyproposals to set up technological parks.