ISLAMABAD: Pakistan and Turkey have reached a mutual agreement to substantially enhance bilateral rice trade, emphasizing competitive pricing, increased export volumes, and stronger business relations as part of a broader strategy to foster closer economic collaboration.
This understanding was finalized during a meeting between Federal Commerce Minister Jam Kamal Khan and the Turkish ambassador, where avenues to bolster rice trade were extensively discussed.
The negotiations focused on increasing export capacities while maintaining international market competitiveness in pricing.
Boost for agricultural exports.
The Ministry of Commerce announced initiatives aimed at promoting agricultural exports, aligned with directives from the prime minister. Officials highlighted that Pakistan has achieved one of its best rice harvests in recent years, resulting in a significant surplus ready for global markets.
Pakistan proposed supplying rice to Turkey at prevailing global rates, aiming to solidify trade partnerships.
The government pledged a consistent supply of both basmati and non-basmati rice to Turkey at competitive prices. At the same time, it emphasized prioritizing high export volumes without adversely affecting farmers’ earnings.
Quotas and tariff adjustments under the FTA
Discussions also focused on increasing the rice export quota by 18,000 metric tons under the Pakistan–Turkey Free Trade Agreement. Both sides explored options for implementing zero or reduced tariffs on basmati rice to further stimulate trade.
Ambitious $5 billion trade target
Pakistan expressed openness to exploring different modalities for government-to-government rice trade. Both nations reaffirmed their shared goal of expanding overall bilateral trade to $5 billion, identifying agriculture as a primary growth catalyst.
The agreement also included commitments to enhance business delegations and strengthen business-to-business networks to drive trade expansion.
According to the Ministry of Commerce, technical delegations from both countries are set to convene in the coming weeks to advance these discussions.
