Pakistan and Turkey signed the Preferential Trade Agreement (PTA) on Friday which aims at boosting trade in goods between the two brotherly countries.
The agreement signing ceremony was held at the PM’s Office in Islamabad in the presence of Prime Minister Shehbaz Sharif during which Turkish Trade Minister Dr. Mehmet Mus and Minister for Commerce Syed Naveed Qamar signed the accord.
Speaking at the ceremony, PM Shehbaz Sharif called the agreement “a great moment and a milestone” in the brotherly and historical relations between the two nations.
He added that enormous business opportunities existed between the two countries and expressed confidence that the agreement would further explore the trade avenues in diverse sectors.
Trade Minister Dr. Mehmet while addressing the occasion said that the accord marked a significant milestone that would contribute a long way to further strengthening and expansion of trade ties.
He said that meeting the expectations of all stakeholders was not easy but dedication and step-by-step measures led to the conclusion of the agreement.
Trade minister, Sed Naveed Qamar showed high hopes regarding the trade agreement between Pakistan and Turkey, anticipating that it would open up new opportunities to boost bilateral trade across various sectors.
He said Pakistan also looked forward to working towards materializing a Free Trade Agreement (FTA) with Turkey.
The trade minister stressed the need to increase business-to-business interaction to strengthen trade and investment relations between the brotherly countries.
Preferential Trade Agreement
Commonly known as the Trade in Goods Pact, the PTA includes comprehensive provisions on bilateral safeguards, the balance of payment exceptions, dispute settlement, and periodic review of the agreement.
Analysts hail signing of PTA
Renowned economist Mirza Ishtiaq Baig believes the agreement will help increase Pakistan’s exports to Turkey, ultimately helping the country earn valuable foreign exchange that is good for the national economy.
Aslam Chandio, News Editor, TRT WORLD, Istanbul, said that this development is as significant for Pakistan as it is for Turkiye. Pakistan and Turkiye have been enjoying strong brotherly relations for the last many decades. The relationship between the two countries is embedded deep into history and shaped by shared goals.