{"id":87977,"date":"2022-08-15T12:50:57","date_gmt":"2022-08-15T07:50:57","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=87977"},"modified":"2022-08-15T12:51:02","modified_gmt":"2022-08-15T07:51:02","slug":"pakistan-turkiye-preferential-trade-agreement","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/pakistan-turkiye-preferential-trade-agreement.html","title":{"rendered":"Pakistan, Turkiye sign preferential trade agreement"},"content":{"rendered":"\n<p>Islamabad: Pakistan and Turkiye on Friday (August 12) formally signed the Preferential Trade Agreement (PTA) to promote bilateral trade, news sources reported. The two countries signed the agreement after 14 rounds of talks between trade officials.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/nlc-trucks-complete-first-commercial-run.html\" data-type=\"post\" data-id=\"80524\" target=\"_blank\" rel=\"noreferrer noopener\">First batch of Pakistani products reach Turkey, Azerbaijan via road<\/a><\/p>\n\n\n\n<p>Reportedly, the newly-signed PTA will take effect on January 1, 2023, and the concessions will be available as per three specified timelines: starting immediately, for up to five years, and for up to ten years. <a href=\"https:\/\/www.zameen.com\/news\/pak-turkey-sign-preferential-trade-agreement.html\" data-type=\"post\" data-id=\"87878\" target=\"_blank\" rel=\"noreferrer noopener\">Under the agreement<\/a>, concessions will be granted to the following product categories: leather, footwear, glass and ceramics, items of base metal, plastics and rubber, furniture, beds, and lights, sports and engineering goods, chemicals and cosmetics, agriculture products, and processed agriculture.\u00a0<\/p>\n\n\n\n<p><strong>Read:<\/strong> <\/p>\n\n\n\n<p>Additionally, the following trade-related concessions will be available for the traders:<\/p>\n\n\n\n<p>\u25cf The Turkish side has offered concessions on 261 tariff lines in total. Pakistan&#8217;s tariff line exports are worth USD 5.1 billion, or 16% of overall exports, whereas Turkish purchases of the same items are USD 7.6 billion.<\/p>\n\n\n\n<p>\u25cf Duty on 123 tariff lines, comprising five agricultural and 118 industrial items, would be cut to zero per cent. These items&#8217; current export value is USD 714 million, while Turkish worldwide imports of these products total USD 3.920 billion.<\/p>\n\n\n\n<p>\u25cf Turkiye will cut duty to zero per cent on 92 tariff lines over five to ten years. Pakistan&#8217;s exports of these items are worth USD1.608 billion, whereas Turkish worldwide purchases are worth USD2.084 billion.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/cpto-platform-set-up.html\" data-type=\"post\" data-id=\"81485\" target=\"_blank\" rel=\"noreferrer noopener\">\u2018China Pakistan Trade Online\u2019 platform set up to boost trade<\/a><\/p>\n\n\n\n<p>Moreover, Pakistan has granted Turkiye incentives on 130 tariff lines and would cut the tax to zero per cent on 16. Similarly, Pakistan would exempt Turkiye from duty on cocoa powder, acrylic filament and staple fibre, nonwoven man-made filament, black tea, modems, wire condensers, food industry flavours, reception and transmission machines, enzymes, and gum base immediately.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: Pakistan and Turkiye on Friday (August 12) formally signed the Preferential Trade Agreement (PTA) to promote bilateral trade, news sources reported. The two countries signed the agreement after 14 rounds of talks between trade officials. Read: First batch of Pakistani products reach Turkey, Azerbaijan via road Reportedly, the newly-signed PTA will take effect on January 1, 2023, and the concessions will be available as per three specified timelines: starting immediately, for up to five years, and for up to ten years. Under the agreement, concessions will be granted to the following product categories: leather, footwear, glass and ceramics, items of base metal, plastics and rubber, furniture, beds, and lights, sports and engineering goods, chemicals and cosmetics, agriculture products, and processed agriculture.\u00a0 Read: Additionally, the following trade-related concessions will be available for the traders: \u25cf The Turkish side has offered concessions on 261 tariff lines in total. Pakistan&#8217;s tariff line exports are worth USD 5.1 billion, or 16% of overall exports, whereas Turkish purchases of the same items are USD 7.6 billion. \u25cf Duty on 123 tariff lines, comprising five agricultural and 118 industrial items, would be cut to zero per cent. These items&#8217; current export value is USD 714&hellip;<\/p>\n","protected":false},"author":84,"featured_media":62097,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15153],"tags":[53584,53583,53582],"persona":[],"class_list":{"0":"post-87977","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-trade","8":"tag-pakistan-trade-development","9":"tag-pakistan-turkiya","10":"tag-pakistn-turkiya-agreement","11":"cat-15153-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pakistan, Turkiye sign preferential trade agreement - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: Pakistan and Turkiye on Friday (August 12) formally signed the Preferential Trade Agreement (PTA) to promote bilateral trade, news sources\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/pakistan-turkiye-preferential-trade-agreement.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pakistan, Turkiye sign preferential trade agreement - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: Pakistan and Turkiye on Friday (August 12) formally signed the Preferential Trade Agreement (PTA) to promote bilateral trade, news sources\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/pakistan-turkiye-preferential-trade-agreement.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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