Home / Knowledge / News / Textiles / Pakistan, Turkey to conclude PTA by first half of 2014
Pakistan, Turkey to conclude PTA by first half of 2014
26
Dec '13
Mr. Erdogan (L) & Mr. Sharif (R)/PID
Mr. Erdogan (L) & Mr. Sharif (R)/PID
Recep Tayyip Erdogan, Prime Minister of Turkey, and his Pakistani counterpart Nawaz Sharif have agreed to conclude Pakistan-Turkey Preferential Trade Agreement (PTA) by the first half of 2014.
 
This was announced after the end of the sixth round of negotiations for the PTA, where Pakistan raised the issue of additional protective duties imposed by Turkey in 2011 on fabric and garments from Pakistan.
 
Addressing Pak-Turk Business Forum in Lahore a day earlier, Prime Minister Nawaz Sharif invited Turkish businessmen to invest in the country’s textile sector, and said his Government would ensure full protection and support to the Turkish investment.
 
“Textile sector is the largest manufacturing industry in Pakistan and main source of export earnings for us. The recently awarded GSP Plus status to Pakistan by the European Union is a testimony to the confidence of the international market in the quality of Pakistani products,” Mr. Sharif said.
 
“Turkish textile companies with their superior technical capabilities and investment capacity could explore this sector for joint ventures. The abundance of raw material in the shape of bumper cotton yields coupled with low-cost and skilled labour provides an additional incentive for any investor,” he added.
 
He said the Board of Investment of Pakistan is working with the Pak-Turkey Business Council in promoting cooperation in textile sector.
 
Turkey is an important market for Pakistan’s exporters and importers and the trade volume between the two countries surpassed US$ 1 billion mark in 2010-11. However, the volume declined after Turkey imposed 18 percent additional duty on import of fabrics/made-up textiles and 27 percent additional duty on apparel from Pakistan in 2011.
 
Pakistan and Turkey had started discussions on closer trade ties in 2004, but a PTA could not be concluded because Turkey was under obligation by the EU’s Customs Union not to offer duty reduction on industrial goods.
 

Fibre2fashion News Desk - India


Must ReadView All

Apparel/Garments | On 29th Jun 2017

Amazon intends to keep investing and growing in India

American online retail giant Amazon intends to keep investing and...

Textiles | On 29th Jun 2017

Vietnam’s textile & garment exports cross $10bn till May

Vietnam earned $10... billion from textile and garment exports in the ...

Textiles | On 29th Jun 2017

Indian textile industry will reach new milestone by 2020

By 2020, textile technologies will be highly advanced not only with...

Interviews View All

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Shawn Honeycutt
Bolger & O'Hearn

‘The Indian market is interesting and rather persistent in seeking new...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
July 2017

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X