Pakistan and Turkey to sign trade in goods agreement
The federal cabinet in its meeting on Thursday announced major decisions regarding trade and approved the decisions announced by the Economic Coordination Committee (ECC). The meeting was chaired by Prime Minister Shehbaz Sharif via a video link from Lahore.
The cabinet approved the signing of the “Trade in Goods” Agreement between Pakistan and Turkey on the recommendation of the Ministry of Commerce. Pakistan and Turkey announced the signing of this agreement during the Prime Minister’s recent visit to Turkey.
Through this agreement, Pakistan and Turkey will get better access to each other’s services and investment sectors. Turkey will provide concessions on 261 tariff lines to Pakistan, including immediate “zero-rating” on 123 items, while Pakistan has offered concessions on 130 tariff lines to Turkey.
These items include products from eight major sectors, including agriculture, chemicals, leather, plastics, rubber, engineering, and metallurgical industries. This agreement will increase the volume of bilateral trade between Pakistan and Turkey to $5 billion.
Moreover, the Cabinet approved the Multi-Model Air-Road Corridor for Afghan transit trade on the recommendation of the Ministry of Commerce.
Furthermore, the Cabinet approved the transfer of funds to the Government of Afghanistan for the operations, maintenance, supply of equipment, and staff salaries of Pakistani hospitals in Afghanistan.
The Federal Cabinet has approved the resignation of the Chairman of the Federal Land Commission of Pakistan, Babar Yaqoob Fateh Muhammad, on the recommendation of the Ministry of Inter Provincial Coordination (IPC).