We study a system of two coupled nonlinear Schr"{o}dinger equations, where one equation includes gain and the other one includes losses. Strengths of the gain and the loss are equal, i.e., the resulting system is parity-time (${\cal PT}$) symmetric. The model includes both linear and nonlinear couplings, such that when all nonlinear coefficients are equal, the system represents the -generalization of the Manakov model. In the one-dimensional case, we prove the existence of a global solution to the Cauchy problem in energy space , such that the -norm of the global solution may grow in time. In the Manakov case, we show analytically that the -norm of the global solution is bounded for all times and numerically that the -norm is also bounded. In the two-dimensional case, we obtain a constraint on the -norm of the initial data that ensures the existence of a global solution in the energy space .

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