Pakistan, Türkiye signs 'Trade in Goods Agreement'

August 13, 2022

By The South Asia Times

ISLAMABAD- Pakistan and Türkiye on Friday signed the "Trade in Goods Agreement" amid to achieve the objective of pushing bilateral trade up to $5 billion, official said.

The signing ceremony was held in Islamabad which was attended by the Prime Minister Shehbaz Sharif and other senior officials.

The agreement was signed by Syed Naveed Qamar, Commerce Minister of Pakistan and Turkish Trade Minister Dr Mehmet Mus.

Last month, Pakistan’s Cabinet was approved the trade deal which was agreed between the two countries during 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.

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

Speaking at the ceremony, Prime Minister Sharif called the deal is a great moment and a milestone in their historical and brotherly relations between Islamabad and Ankara.

"Today we have signed trade goods agreement, which will open many opportunities between our two great brotherly countries," Sharif said.

"Our capacity is beyond anybody's imagination and our commitment is outstanding. Therefore, signing of this trade and goods agreement would lead to achieving much higher heights in terms of enhanced trade and investment between our two countries," he 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.