Sample Solution

endorsed a Memorandum of Understanding (MoU), which mutually consulted the most Favored Nation status in bilateral trade relations. Both Governments also decided to encourage the participation of the private sector. The Turkish Prime Minister announced that antidumping duty imposed on Pakistan cotton yarn by Turkey would be withdrawn from December 10, 1992. The two sides also reached at the following decisions and agreements: They agreed to hold the ninth session of Pakistan-Turkish Joint Ministerial Commission in February 1993. Having studied in detail commercial and economic cooperation with special reference to trade relations, they recognized that that they did not reflect the cordiality of their bilateral relations. Many hurdles still remained which needed to be removed (Hasan, 2002).
Both of these countries also agreed to advice the Business Council to intensify their activities. They were also agreed that there would be periodic exchange of visits between businessmen of two countries. The Turkish counterparts explained difficulties faced by the Turkish exporters due to custom duty rates applied in Pakistan on Turkish goods. The Turkish Prime Minister Suleyman Demirel appreciated the comprehensive economic liberalization program which was launched by Mr. Nawaz Shrif (Hassan, 2002).
Prime Minister Suleyman Demirel agreed that ‘The traditional Turkish-Pakistan brotherhood is indeed our greatest asset that is deeply rooted in the minds and hearts of our two people. What is left to our Governments side is the duty to enhance the relations between our countries taking stock of this solid foundation’ (Dawn 26 October, 1992).
In February1993, Pakistan and Turkey decided to growth their volume of trade from $100 million to $200 million (for the year 1993). A protocol signed by the two countries at conclusion of t