Pakistan, Turkiye sign preferential trade pact

ISLAMABAD: Pakistan and Turkiye on Friday signed the Preferential Trade Agreement (PTA) aimed at boosting trade between the two countries.

Prime Minister Shehbaz Sharif witnessed the inking of the agreement at a ceremony held here. Trade Minister of Turkiye Dr Mehmet Mus and Minister for Commerce Naveed Qamar signed the agreement.

The PTA includes comprehensive provisions on bilateral safeguards, balance of payment exceptions, dispute settlement and periodic review of the agreement. Addressing the ceremony, PM Shehbaz termed the agreement a milestone in the brotherly and historic relations of Pakistan and Turkiye. He said immense business opportunities existed between the two countries and expressed the confidence that the agreement would explore trade avenues in diverse sectors. He said Pakistan would continue to work with Turkiye to strengthen the bilateral ties.

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

Naveed Qamar hoped that the PTA would open up new opportunities to boost the bilateral trade in various sectors. He said Turkiye had given concessions to Pakistan on 231 tariff lines while Pakistan had given concessions on 130 lines.

Later, speaking at a luncheon given in honour of Dr Mehmet Mus, Shehbaz said the agreement would help increase the bilateral trade by five billion dollars in the next three years. He said the agreement reflected the strength of “our brotherhood and fraternal ties which are anchored with mutual trust”. He said that within a short span of time, the Turkish minister for Trade visited Pakistan and signed the agreement, providing a great opportunity that the two countries must cash upon. He invited Turkish investors to Pakistan’s energy sector, saying that Turkiye had a vast experience in hydel power projects.

The prime minister said Pakistan spent more than 20 billion dollars on fuel import annually that could be decreased by shifting to alternate sources of energy. He said Pakistan aimed at building 5,000 to 6,000 megawatt solar parks through public private partnership. Solar panels would be provided to poor households and solarization of government buildings would be completed without wasting time.