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Pakistan, Turkiye sign Preferential Trade Agreement
August 12, 2022

Pakistan and Turkiye have signed the Preferential Trade Agreement aimed at boosting trade in goods between the two countries.

Prime Minister Shehbaz Sharif witnessed the inking of the PTA at a ceremony held in Islamabad on Friday as the visiting Trade Minister of Turkiye Dr Mehmet Mus and Minister for Commerce Syed Naveed Qamar signed the agreement.

Trade in Goods Pact, the PTA includes comprehensive provisions on bilateral safeguards, balance of payment exceptions, dispute settlement, and periodic review of the agreement.

Prime Minister Muhammad Shehbaz Sharif in his remarks on this occasion termed the agreement a milestone in the brotherly and historic relations between Pakistan and Turkiye.

He said immense business opportunities exist between the two countries and expressed confidence that the agreement will further explore the trade avenues in diverse sectors.

The Prime Minister said Pakistan will continue to work with Turkiye on strengthening bilateral ties.

Trade Minister of Turkiye Dr Mehmet Mus thanked Prime Minister Shehbaz Sharif for his leadership to seal the agreement for the betterment of the two countries and enhancing linkages between their business communities.

Minister for Trade Syed Naveed Qamar in his remarks expressed the hope that the PTA between Pakistan and Turkey will open up new opportunities to boost bilateral trade across various sectors.

He said Turkiye has given concessions to Pakistan on 231 tariff lines whilst Pakistan has given concessions on 130 lines.

Later, speaking at the luncheon in the honor of Turkish Minister for Trade Mehmet Mus, Prime Minister Shehbaz Sharif said the agreement will help increase the bilateral trade of the two brotherly countries by five billion dollars in next three years.

Congratulating the two Ministers for concluding this agreement, the Prime Minister said the agreement reflects the strength of our brotherhood and fraternal ties which are anchored with mutual trust.

The Prime Minister said within a short span of time, Turkish Minister for Trade visited Pakistan and concluded this agreement, providing a great opportunity that we must cash upon.

He also invited Turkish investors to invest in Pakistan's energy sector as Turkiye has a vast experience in hydel power projects.

The Prime Minister said we spend more than 20 billion dollars on fuel import annually that can be decreased by shifting to alternate sources of energy.

Shehbaz Sharif said we aim to build five to six thousand megawatt solar parks through public private partnership.

He said solar panels will be provided to poor households and solarization of government buildings will be completed without wasting any time.