The federal cabinet in its meeting on Thursday announced major decisionsregarding trade and approved the decisions announced by the EconomicCoordination Committee (ECC). The meeting was chaired by Prime MinisterShehbaz Sharif via a video link from Lahore.
The cabinet approved the signing of the “Trade in Goods” Agreement betweenPakistan and Turkey on the recommendation of the Ministry of Commerce.Pakistan and Turkey announced the signing of this agreement during thePrime Minister’s recent visit to Turkey.
Through this agreement, Pakistan and Turkey will get better access to eachother’s services and investment sectors. Turkey will provide concessions on261 tariff lines to Pakistan, including immediate “zero-rating” on 123items, while Pakistan has offered concessions on 130 tariff lines to Turkey.
These items include products from eight major sectors, includingagriculture, chemicals, leather, plastics, rubber, engineering, andmetallurgical industries. This agreement will increase the volume ofbilateral trade between Pakistan and Turkey to $5 billion.
Moreover, the Cabinet approved the Multi-Model Air-Road Corridor for Afghantransit trade on the recommendation of the Ministry of Commerce.
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Furthermore, the Cabinet approved the transfer of funds to the Governmentof Afghanistan for the operations, maintenance, supply of equipment, andstaff salaries of Pakistani hospitals in Afghanistan.
The Federal Cabinet has approved the resignation of the Chairman of theFederal Land Commission of Pakistan, Babar Yaqoob Fateh Muhammad, on therecommendation of the Ministry of Inter Provincial Coordination (IPC).
