Prime Minister Shehbaz Sharif at the signing of Trade in Goods Agreement between Pakistan and Turkiye. Islamabad, 12th August, 2022.
Islamabad: 12 Aug 2022 – Pakistan and Turkiye on Friday inked 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 here at the PM Office, as the visiting Turkish Trade Minister Dr Mehmet Mus and Minister for Commerce Syed Naveed Qamar signed the accord.
Commonly known as 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 in his remarks termed the agreement “a great moment and a milestone” in the brotherly and historic relations between Pakistan and Turkiye. He recalled that following his official visit to Turkiye in May, the untiring efforts of the ministries of both sides resulted in the signing of the agreement. He said immense business opportunities existed between the two countries and expressed confidence that the accord would further explore the trade avenues in diverse sectors. The prime minister said Pakistan would continue to work with Turkiye on strengthening bilateral ties.
Trade Minister Dr Mehmet Mus said the occasion marked a significant milestone which would contribute in a long way to further strengthening and expansion of trade ties. He said meeting expectations of all stakeholders was not easy, however added that dedication and step-by-step measures led to conclusion of the accord.
He thanked PM Shehbaz Sharif for his leadership to seal the agreement for the betterment of the two countries and enhancing linkages between their business communities.
Turkiye had offered concessions to Pakistan on 261 Tariff Lines, which include key items of Pakistan’s export interest to Turkiye from both agriculture and the industrial sectors.
Prime Minister Shehbaz Sharif on Friday said the “landmark trade in goods agreement” between Pakistan and Turkiye would reflect the strength of bilateral fraternal relations, and take trade and investment ties to further heights.
The prime minister, addressing a luncheon reception he hosted for the visiting Turkish Trade Minister Dr Mehmet Mus and his delegation, urged the business communities from both the countries to explore the opportunities in varying sectors, particularly the renewable energy.
Earlier, Pakistan and Turkiye signed the Preferential Trade Agreement, which includes comprehensive provisions on bilateral safeguards, balance of payment exceptions, dispute settlement, and its periodic review.
Calling it the “most important achievement” of the commerce ministers of Pakistan and Turkiye and their respective teams, the prime minister said the said agreement was a manifestation of the bilateral brotherhood and relations anchored in mutual trust and respect.
However, he said the volume of bilateral trade and investment did not reflect the existing unique relationship. He said both the countries had already resolved to take the bilateral trade to $5 billion in next three years.
The prime minister said he had “fruitful and productive” discussion with Turkish business community during his visit to Turkiye in May last. The ongoing visit of the Turkish delegation and signing of the PTA was in pursuance of the very understanding to further the discussion, he added. He said he would welcome Turkish firms to invest in Pakistan in hydel sector, as the country was bestowed with immense potential with hydel resources which remained unexplored.
He said the national economy could be strengthened and the increasing import bill could be curtailed by exploring renewable, solar and wind energy. “Solar energy is the order of the day,” the prime minister remarked and mentioned the government’s decision to introduce solar tube wells, establishment of solar parks of 5000-6000 MW capacity, installation of solar panels on households and solarization of government offices.
Prime Minister Shehbaz Sharif assured that he would personally engage with the ministers and officers concerned to find out from where to start implementing the energy projects. He also guaranteed the swift payments of profits and other funds to potential investors without any impediments of red tapism and nepotism.
“I will be the chief executive officer of these investments in Pakistan…This is the way forward…This is the shortest way forward,” he commented.
