Pak-Turk PTA talks conclude : Both sides agree to remove restrictions, trade barriers

Pak-Turk PTA talks conclude :  Both sides agree to remove restrictions, trade barriers

ISLAMABAD: The 6th round of official-level talks on Pak-Turk Preferential Trade Agreement (PTA) concluded here on Tuesday with a commitment to conclude -Turkey Preferential Trade Agreement (PTA) by the first half of 2014, and both sides to remove the restrictions and trade barriers for promotion of bilateral trade between the two countries.
Pakistan raised the issue of additional protective duties imposed in 2011 by Turkey on fabric and garments from Pakistan as well as the quantity-restriction on rice, while Turkey stressed opening up of Pakistan’s automobile and pharmaceutical sectors.
Minister of State for Commerce & Textile Industry Khurram Dastgir Khan, MNA met with his Turkish counterpart, Minister for Economy Mehmet Zafer Çaglayan, MP here this afternoon to discuss expansion of the Pak-Turk economic relationship, particularly in trade and investment.
Both the countries have agreed to facilitate investments by the private sector in both countries. Pakistan would especially encourage Turkish private sector for investments in the key sectors of energy, especially coal, hydroelectric and wind, infrastructure including motorways, roads and airports, low-cost housing and urban development and municipal services like public transport and solid waste management.
The Ministers noted with satisfaction that an un-precedentedly positive relationship existed between the elected leaderships of both countries, which provided the political will to deepen and widen simultaneously the historical friendship between the Pakistani and the Turkish peoples. Both Ministers settled that taking the Pak-Turk relationship forward in the twenty-first century required that both countries traded extensively with and invested in each other.
Engr. Khurram Dastgir Khan and Mehmet Zafer Çaglayan reviewed the 6th round of official-level talks on Pak-Turk Preferential Trade Agreement (PTA), which was concluded in Islamabad today. Pakistan raised the issue of additional protective duties imposed in 2011 by Turkey on fabric and garments from Pakistan as well as the quantity-restriction on rice, while Turkey stressed opening up of Pakistan’s automobile and pharmaceutical sectors.
Minister of State for Commerce & Textile Industry noted that during an official visit to Turkey in September this year, Prime Minister Nawaz Sharif had allowed Turkish Airlines to start operating direct flights from Turkey to Lahore. Government of Pakistan issued the required permissions promptly and Turkish Airlines began operations to Lahore at the end of November. Engr. Khurram Dastgir Khan also highlighted that aggressive infrastructure and privatization policies of PMLN government offered tremendous investment opportunities to Turkish companies.
Engr Khurram Dastgir Khan and Mehmet Zafer Çaglayan agreed to conclude the PTA negotiations at the earliest and to facilitate investment.
Fifth round of PTA negotiations was held in Ankara on September 10-11, 2013 during which both sides discussed their respective request and offer lists extensively. Pakistani side assured Turkish side that Pakistan is willing to make a liberal offer if Turkish side is willing to give duty exemption to Pakistan on items under safeguards i.e. fabric and garment. Informally, Turkish side agreed that after consulting its local stakeholders it will offer Pakistan concessions on items under safeguard duty.

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