On Friday, Pakistan and Turkey inked a Preferential Commerce Agreement (PTA) to increase trade between the two countries.
The agreement was signed at the PM’s office by visiting Turkish Trade Minister Dr. Mehmet Mus and Minister of Commerce Syed Naveed Qamar.
The PTA, also known as the Trade in Goods Pact, includes provisions on bilateral protections, the balance of payment exclusions, dispute settlement, and periodic agreement review.
Prime Minister Shehbaz Sharif was also there, describing the event as “a magnificent occasion and a milestone” in Pakistan-Turkey ties.
He noted that the diligent work of both ministries had led to this day following his official visit to Turkey in May. He was sure that the deal will open up new trade opportunities in a variety of industries.
Dr. Mehmet Mus, speaking on the occasion, stated that this agreement will go a long way toward improving and increasing commercial ties.
He went on to praise the Prime Minister for his leadership in finalizing the agreement to strengthen relations between the business groups and, as a result, promote growth in both countries.
A notable feature of the trade concessions described in the deal is that Turkey has provided Pakistan discounts on 261 tariff lines, which include key goods of Pakistan’s agricultural and industrial export importance to Turkey.