Sample Solution

finance paid official visit to Turkey in April 1991 and a meeting of Joint Commission for Economic and Technical Cooperation between Pakistan and Turkey was held in Ankara. Regarding trade relations both sides noted with satisfaction the recent increase in volume of trade which had reached 130 million US dollars in 1990. However the two sides again stressed that the level of bilateral trade did not fully reflect the real potential of both countries. The two sides therefore agreed to make concerted efforts to increase and diversify bilateral trade to the maximum possible level on a balanced and a beneficial basis (Hasan, 2002).
Turkish Prime Minister Mr. Suleyman Demirel visit to Pakistan 1992
In October 1992, Pakistan and Turkey decided to consider several measures to bring their trade relations at par. Turkish Prime Minister Mr. Suleyman Demirel visited Pakistan on October 24 & 26,1992 both countries 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 The Turkish Prime Minister announced that antidumping duty imposed on Pakistan cotton yarn by Turkey would be withdrawn from December 10, 1992.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 a