KARACHI: Petron in Chief of United Business Group (UBG) SM Muneer, President Zubair Tufail, Chairman Shahzad Ali Malik, and Secretary General Zafar Bakhtawari, Chairman Sindh Zone Khalid Tawab and other Leaders and members of UBG have congratulated Naveed Qamar Commerce Minister for signing of Preferential Trade Agreement (PTA) with Turkey to boost bilateral trade in certain products between the two countries.
They said that signing of PTA is accompaniment of a long desire of the business community of both countries. The signing of PTA will enhance the volume of bilateral trade more than double the existing bilateral trade, UBG said. The UBG advised all the trade bodies of Pakistan to gear up their members to drive maximum use of the PTA.
They further asked the trade bodies to educate and enhance the knowledge of their members about the PTA which will come into effect from 1st January 2023 and the concessions will come into force in three phases - immediately, upto five years and upto 10 years.
The categories of products which will get benefit from the concessions are leather, footwear, glass, ceramics, articles of base metal, plastics and rubber, furniture, mattresses and lamps, sports and engineering goods, chemicals, and cosmetics, agriculture products and processed agriculture.
While Pakistan will exempt duty for Turkish goods include cocoa powder, acrylic filament and staple fibre, non woven man made filament, black tea, modems, wire condensers, flavours for food industry, machine for reception and transmission, enzymes and gun base.
The UBG further said that Pakistan and Turkey are very active members of OIC, ECO and D-8 Forms and both countries can enhance their trade and economic relations with the other countries of these forms. The UBG further advised that the ITI Cargo Train may be streamlined to facilitate the business community of both the countries to move their cargo hassle free and shortest possible.
Copyright Business Recorder, 2022
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