ISLAMABAD: The Ministry of Commerce announced on Thursday that the implementation of an agreement reached between Pakistan and Turkey in August on “Trade in Goods” started on May 1, strengthening bilateral economic links between the two countries.
According to a press release, the Trade in Goods Agreement between Pakistan and Turkey came into force on May 1, 2023, bringing into effect reciprocal tariffs given to selected exports of both countries.
Pakistan’s Access to the Turkish Market
Pakistan has gained preferential access to the market of Turkey under the Agreement under 261 tariff lines covering traditional and non-traditional sectors such as leather, rice, dates, mangoes, cutlery, sports goods, seafood, processed agricultural products, rubber tubes and tires, plastics, and engineering goods.
Turkiye has received tariff discounts on 130 tariff lines, covering products such as black tea, processed food products and flavorings, industrial raw materials and machinery parts, and electronic equipment parts.
It went on to say that the Trade in Goods Agreement is a significant milestone in Pakistan and Turkey’s longstanding brotherly relations and that it envisions increased integration of both country’s markets and corporate communities.
