Pakistan, Turkey sign preferential trade pact

Pakistan, Turkey sign preferential trade pact

Trade Minister of Turkiye Dr Mehmet Mus and Minister for Commerce Naveed Qamar signing the agreement along with PM Shehbaz. —Radio Pakistan

Prime Minister Shehbaz Sharif witnessed the inking of the agreement

Islamabad: Pakistan and Turkiye on Friday signed a preferential trade agreement (PTA) aimed at facilitating trade between the two countries.

Prime Minister Shevas Sharif witnessed the signing of the agreement at a ceremony held here. Turkey’s Trade Minister Dr. Mehmet Mus and Trade Minister Naveed Qamar signed the agreement.

The PTA contains comprehensive provisions on bilateral safeguards, balance of payments exceptions, dispute settlement and periodic review of agreements. Speaking at the ceremony, Prime Minister Shebaz said the agreement was a milestone in the fraternal and historical relationship between Pakistan and Turkiye.

He said there are immense business opportunities between the two countries and expressed confidence that the agreement will open up trade routes in various sectors. He said Pakistan will continue to work with Turkey to strengthen bilateral ties.

Dr. Mehmet Mus thanked Shehbaz Sharif for his leadership in making deals to improve the two countries and business He strengthened the relationship between the communities.

Naveed Qamar hoped that the PTA would open up new opportunities to facilitate bilateral trade in various fields. He said Turkiye made concessions to Pakistan on her 231 tariff items, while Pakistan made concessions on her 130 items.

Later, at a luncheon honoring Dr. Mehmet Mus, Shehbaz said the deal would help boost bilateral trade to his $5 billion mark over the next three years. He said the agreement reflected the strength of “our fraternity and brotherly bond underpinned by mutual trust.”

He said Turkey’s trade minister visited Pakistan for a short time and signed the agreement. This is a golden opportunity that both countries must seize. He invited Turkish investors to Pakistan’s energy sector, and Turkiye said he has great experience with the Hydel energy project.

The Prime Minister said Pakistan spends more than $20 billion a year on fuel imports, which could be cut by switching to alternative energy sources. He said Pakistan aims to build 5,000 to 6,000 megawatt solar power plants through public-private partnerships. Poor households will be provided with solar panels and the conversion of government buildings to solar will be completed without delay.

Credit/Source : THENEWSPK

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