Borsa Istanbul, Pakistan Mercantile Exchange Limited sign cooperation deal

Borsa Istanbul and Pakistan Mercantile Exchange Limited (PMEX) have signed a Memorandum of Understanding (MoU) through which the exchanges will share information and expertise in various fields with a view to building a long-term relationship.

Borsa Istanbul said in a written statement on Aug. 15 it signed a MoU with PMEX in order to set out a framework for establishing a cooperative relationship between the exchanges, the leading commodity futures markets in Turkey and Pakistan, respectively. 

As part of the program, Borsa Istanbul Executive Vice President Dr. Mustafa Kemal Y?lmaz and PMEX Managing Director Ejaz Ali Shah signed the deal.  

The agreement between the two exchanges was part of a broader cooperation initiative between Turkey and Pakistan and will provide opportunities for further development of the capital markets, according to the statement. 

Underlining the close relations between the two countries, Y?lmaz highlighted the importance of the agreement. 

"The deal between the two exchanges paves the way for development of mutually beneficial business areas," he said. 

Shah also mentioned the historical relationship between the two countries.