Islamabad: The governments of Pakistan and Turkey will sign a Preferential Trade Agreement (PTA) on August 12, news sources reported. Under the agreement, Pakistan will allow trade of 220 items with Turkey while Pakistan will export 120 items.
Reportedly, the PTA will apply special provisions and taxes on the selected items to stimulate commerce. Furthermore, under the agreement, both countries would provide merchants with business-related tax breaks to market and sell more items. In this regard, the Ministry of Commerce achieved an initial agreement on the list of items to be traded. On the occasion, Ismail Suttar, President of the Employers Federation of Pakistan (EFP), urged the government to work with the business sector and trade organisations to identify commodities that would help reduce the balance of payment (BOP) worries.
It is worth noting that both sides began PTA discussions in June of this year. A group of 150 businesspeople from Pakistan agreed to negotiate new trade tariffs for engineering, agro-food, pharmaceuticals, rice, information technology (IT), and textile exports.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
