Friday, August 12, 2022
ISLAMABAD: In order to boost trade in goods between Pakistan and Turkiye, the two nations Friday inked a preferential trade agreement (PTA).
During a signing ceremony held in the federal capital, Minister for Commerce Syed Naveed Qamar and Turkiye's Minister of Trade Dr Mehmet Mus signed the agreement in the presence of Prime Minister Shehbaz Sharif.
The PTA — also known as Trade in Goods Pact — includes comprehensive provisions on bilateral safeguards, the balance of payment exceptions, dispute settlement, and periodic review of the agreement.
Terming the agreement, a “great milestone”, PM Shehbaz said it will open new vistas of opportunities between the two countries.
The premier noted that given "our unlimited potential and outstanding commitment, signing this trade agreement will lead to achieving higher heights in terms of enhanced trade and investment" between the two countries.
Alluding to the untiring effort put in by both sides for the realisation of this agreement, PM Shehbaz stressed for implementation of this agreement in letter and spirit.
He said: “This will show the world that we mean business.”
The commerce minister revealed that under the agreement both the countries have given concessions to each other in the trade of goods. He said Turkiye has given concessions to Pakistan on 231 tariff lines whilst Pakistan has given concessions on 130 lines.
Later taking to his Twitter handle, PM Shehbaz wrote: "This Agreement will be pivotal in achieving the initial trade target of $5 billion."
"There is unlimited potential for bilateral trade. Let the world know we mean business," he added.