The Cabinet in its meeting here on Wednesday will ratify the agreement regarding tariff concessions between Pakistan and Iran, sources in Commerce Ministry told Business Recorder. Pakistan had signed a Preferential Trade Agreement (PTA) with the Iran on March 4, last year and the Cabinet granted ex post facto approval of the agreement on May 19. Sources said that Commerce Ministry had moved a summary to the Prime Minister for signing the protocol incorporating the proposed changes in the agreement during the visit of Prime Minister to Iran in February last.
Consequently the officials of both countries signed the agreement during the visit of Prime Minister. Commerce Ministry, it is understood, has now finalised the amended rules of origin and negotiated tariff concession. Tariff concessions would be notified and made operational on the date when Iran issues such a notification, sources added.
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