Pakistan as well as Turkey sign their signatures to the Preferential Trade Agreement (PTA) designed to boost trade in goods between the two nations, ARY News reported on Friday.
Turkish trade minister Dr Mehmet Mus and Minister of Commerce Syed Naveed Qamar signed the agreement. Premier Secretary Shehbaz Sharif also was in attendance at the ceremony to sign the agreement that took place at the Prime Minister’s Office at Islamabad.
Often referred to by its acronym Trade in Goods Pact, the PTA has comprehensive provisions for bilateral protections, balance of payments exceptions, dispute resolution, and periodic reviews of the accord.
In his remarks at the ceremony, Prime Minister Shehbaz Sharif called the deal “a great moment and a milestone” in the close and historical relationships that exist between Pakistan as well as Turkey.
He noted that after his official visit in Turkey during May that the unwavering efforts from the ministries of both sides led to the signature of the agreement.
He also said that huge opportunities for business were available between the two nations and declared his confidence that the deal will further explore opportunities for trade in various sectors.
In a statement, Turkish Trade Minister Dr Mehmet Mus said that the event was an important milestone that could go an important way to expanding and strengthening trade relationships.
He noted that meeting the expectations from all parties was not an easy task, but he added that determination and step-by-step steps led to the conclusion of the agreement.
He expressed gratitude to the PM Shehbaz Sharif for his leadership in helping sign the agreement to the development of both countries as well as strengthening links between their respective business communities.
The main highlights from the trading concessions provided by both sides in the Agreement are as below: (i) Turkey had offered concessions to Pakistan regarding 261 Tariff Lines that contain key items that Pakistan has and export interests to Istanbul from both the agriculture as well as the industrial sector.