Saturday August 13, 2022

Pakistan, Turkiye Sign Preferential Trade Agreement

Pakistan and Turkiye have signed the Preferential Trade Agreement aimed at boosting trade in goods between the two countries.

Prime Minister Shehbaz Sharif witnessed the inking of the PTA at a ceremony held in Islamabad on Friday as the visiting Trade Minister of Turkiye Dr Mehmet Mus and Minister for Commerce Syed Naveed Qamar signed the agreement.

Trade in Goods Pact, the PTA includes comprehensive provisions on bilateral safeguards, balance of payment exceptions, dispute settlement, and periodic review of the agreement.

Prime Minister Muhammad Shehbaz Sharif in his remarks on this occasion termed the agreement a milestone in the brotherly and historic relations between Pakistan and Turkiye.

He said immense business opportunities exist between the two countries and expressed confidence that the agreement will further explore the trade avenues in diverse sectors.

The Prime Minister said Pakistan will continue to work with Turkiye on strengthening bilateral ties.

Trade Minister of Turkiye Dr Mehmet Mus thanked Prime Minister Shehbaz Sharif for his leadership to seal the agreement for the betterment of the two countries and enhancing linkages between their business communities.

Minister for Trade Syed Naveed Qamar in his remarks expressed the hope that the PTA between Pakistan and Turkey will open up new opportunities to boost bilateral trade across various sectors.

He said Turkiye has given concessions to Pakistan on 231 tariff lines whilst Pakistan has given concessions on 130 lines.

Later, speaking at the luncheon in the honor of Turkish Minister for Trade Mehmet Mus, Prime Minister Shehbaz Sharif said the agreement will help increase the bilateral trade of the two brotherly countries by five billion dollars in next three years.

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