ISLAMABAD: Pakistan and Turkey’s Trade in Goods Agreement, which was signed in August 2022, has finally come into effect on May 1, 2023, as per mutual agreement. The agreement was signed by the Turkish Minister for Trade, Mehmet Muş, and Federal Minister for Commerce of Pakistan, Syed Naveed Qamar, and witnessed by Prime Minister Shehbaz Sharif.
The Trade in Goods Agreement signifies a notable milestone in the historic brotherly relations between Pakistan and Turkey and envisages further integration of the markets and business communities of both countries. This agreement is expected to increase bilateral trade across various sectors and bring reciprocal tariff concessions extended to select exports of both countries.
Under the agreement, Pakistan has gained preferential access to the Turkish market for 261 tariff lines covering traditional as well as non-traditional sectors such as leather, rice, dates, mangoes, cutlery, sports goods, seafood, processed agricultural products, rubber tubes and tires, plastics, and engineering goods.
Meanwhile, Turkey has been granted concessions on 130 tariff lines, including products such as black tea, processed food products and flavorings, industrial raw materials and parts of machinery, and parts of electronic equipment.
The Trade in Goods Agreement is expected to have a significant impact on Pakistan’s exports, particularly in non-traditional sectors. It will provide Pakistani businesses with access to the Turkish market, which has a population of more than 80 million people, and will allow Pakistani exporters to take advantage of the growing Turkish economy.
Speaking on the occasion, Syed Naveed Qamar, the Federal Minister for Commerce of Pakistan, said that the agreement would open up new opportunities to boost bilateral trade across various sectors. He also stressed the need to increase business-to-business interaction for strengthening trade and investment relations between the two brotherly countries.
The Turkish Minister for Trade, Mehmet Muş, also expressed his satisfaction with the agreement, saying that it will further strengthen the historic ties between the two countries. He added that the agreement will pave the way for deeper economic cooperation and closer bilateral relations.
Overall, the Trade in Goods Agreement between Pakistan and Turkey is a significant step towards strengthening the economic ties between the two countries. It will create new opportunities for Pakistani businesses to expand into the Turkish market, and vice versa. This agreement is expected to provide a major boost to bilateral trade and investment, leading to increased economic growth and prosperity for both countries.
