Pakistan's Cabinet gives nod to trade deal with Türkiye

July 22, 2022

Trade in Goods Agreement to help increase annual bilateral trade between 2 countries to $5B

By Islamuddin Sajid

ISLAMABAD (AA) - Pakistan’s Cabinet on Thursday approved a trade deal recently agreed with Türkiye, paving the way for its formalization in the coming months.

The Trade in Goods Agreement was unveiled during Prime Minister Shehbaz Sharif’s trip to Ankara in June.

Under the deal, Türkiye will provide concessions to Pakistan on 261 tariff lines, including immediate zero rating on 123 items, read a statement issued by the premier’s office.

Islamabad, in turn, will extend concessions on 130 tariff lines to Türkiye.

“These items include products from eight major sectors, including agriculture, chemicals, leather, plastic, rubber, engineering and metal industries,” the statement said.

The deal will support the countries’ efforts to facilitate “better access to each other’s services and investment sectors,” and help them achieve the objective of pushing bilateral trade up to $5 billion, it added.

During his trip to Ankara, Sharif termed Pakistan’s trade with Türkiye “insufficient,” while Turkish President Recep Tayyip Erdogan confirmed that the two sides have set a target of raising bilateral trade to $5 billion in the next three years.