Pakistan, Turkey may ink currency swap agreementOctober 31st, 2011 - 12:52 pm ICT by IANS
Islamabad, Oct 31 (IANS) Pakistan and Turkey are expected to sign a currency swap agreement to boost trade, a media report said.
The agreement may be signed during the visit of President Asif Ali Zardari to Turkey, Associated Press of Pakistan reported from Istanbul.
Zardari arrived in Istanbul Sunday for the sixth trilateral summit being hosted by Turkey to find a peaceful solution of the Afghanistan issue.
Pakistan’s Ambassador to Turkey Muhammad Haroon Shaukat said the agreement would allow the two countries to move towards arrangements to do trade in local currencies which will ease pressure on their foreign exchange reserves.
Shaukat said negotiations between Pakistan and Turkey are also progressing well for a Preferential Trade Agreement (PTA).
He said bilateral trade between the two countries was growing and it had shown an increase of 50 percent last year reaching close to $1 billion.
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Tags: 1 billion, afghanistan, ambassador, asif ali zardari, associated press, bilateral trade, currencies, currency swap, foreign exchange reserves, haroon, istanbul, muhammad, negotiations, oct 31, pakistan, peaceful solution, preferential trade agreement, pta, summit, swap agreement