Pakistan, Turkey sign preferential trade agreement

ISLAMABAD: Pakistan signed the Preferential Trade Agreement (PTA) with Turkey on Friday, which aims to boost trade between the two nations. 

At a ceremony held at the PM office, the visiting Turkish Trade Minister Dr. Mehmet Mus and Minister for Commerce Syed Naveed Qamar signed the accord.  

Also known as the Trade in Goods Pact, the PTA covers provisions on bilateral safeguards, balance of payment exceptions, dispute settlement, and periodic review of the agreement. 

Prime Minister Shehbaz Sharif was also in attendance, terming it as “a great moment and a milestone” in the brotherly relations between Pakistan and Turkey.

He stated that, following his official visit to Turkey in May, the relentless efforts of both ministries had led to this day. He was confident that the agreement would open up further trade avenues in diverse sectors.

Speaking on the occasion, Dr. Mehmet Mus said that this agreement would contribute a long way to strengthening and expanding trade ties. 

He went on to thank the PM for his leadership to finalise the agreement for creating more linkages between the business communities and, hence, promoting growth in both economies. 

A key highlight of the trade concessions outlined in the agreement is that Turkey has offered concessions to Pakistan on 261 tariff lines, which include key items of Pakistan’s export interest to Turkey from agriculture and industrial sectors.