Pakistan, Turkiye Ink Preferential Trade Agreement – Mettis Global Link

August 12, 2022: Pakistan and Turkiye signed the Preferential Trade Agreement on Friday to boost trade in goods between the two countries.

Prime Minister Shehbaz Sharif witnessed the inking of the PTA at a ceremony held here at the PM office as visiting Turkish Trade Minister Dr. Mehmet Mus and Commerce Minister Syed Naveed Qamar signed the agreement. The PTA, commonly known as Trade in Goods Pact, contains comprehensive provisions on bilateral safeguards, balance of payments exceptions, dispute settlement and periodic review of the agreement.

Prime Minister Sharif in his remarks called the agreement “a great moment and a milestone” in the brotherly and historic relations between Pakistan and Turkiye. He recalled that after his official visit to Turkiye in May, the tireless efforts of the ministries of both sides led to the signing of the agreement. He said there were huge business opportunities between the two countries and expressed confidence that the agreement would further explore trade opportunities in various sectors.

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The prime minister said Pakistan will continue to work with Turkiye to strengthen bilateral ties.

Minister of Commerce Dr. Mehmet Mus said the occasion was an important milestone that would greatly contribute to the further strengthening and expansion of trade ties. He said it was not easy to meet the expectations of all stakeholders, but added that dedication and step-by-step action led to the conclusion of the deal.

He thanked Prime Minister Shehbaz Sharif for his leadership in sealing the agreement for the betterment of the two countries and strengthening ties between their business communities.

Syed Naveed Qamar hoped that the PTA between Pakistan and Turkiye would provide new opportunities to boost bilateral trade between different sectors. He said Pakistan was also looking forward to working towards a free trade agreement (FTA) with Turkiye.

He emphasized the need for more business-to-business interaction to strengthen trade and investment relations between the fraternal countries.

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The major highlights of the trade concessions offered by both sides under the agreement are as follows: (i) Turkiye had made concessions to Pakistan on 261 tariff lines, including key items of Pakistan’s export interest to Turkiye from both agriculture – as the industrial sectors.

APP

Posted on:202-08-12T13:04:05+05:00

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