China expected to give tax-free access to 313 Pakistani products
It will be a part of upgraded free trade agreement with China.
In a significant progress, 313 Pakistani products are expected to gain tax-free access in China from the upcoming month. It will be a part of the upgraded free trade agreement with China, said the commerce advisor.
Adviser to Prime Minister on Commerce Razak Dawood said that the second phase of FTA (free trade agreement) with China will start from December 1st.
“The phase-II is going to facilitate the access of 313 top export items into the Chinese market,” Dawood said, while speaking at the world fashion convention.
Dawood said that the upgraded agreement will help Pakistan to come at par with Soth-East Asian economies, particularly in the Chinese market. It will enhance the export volume of the garment sector with the growth potential of 20 times.
“Government’s major economic agenda is to increase country’s exports, which would strengthen the economy by overcoming trade and current account deficits,” Dawood said.
“Garment exports are on an upward trajectory due to additional market access secured by the current government.”
China and Pakistan are establishing new trade relations, that will change the socio-economic sphere of Pakistan. Recently, China has also provided Pakistan with an opportunity to export engineering and chemical goods. Along with reclaiming traditional markets, Pakistan is tapping untapped export opportunities.
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