China ready to work with Pakistan to peruse high-quality development of CPEC

China and Pakistan are all-weather strategic cooperative partners, and bilateral relations have been growing with a sound momentum.

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  • The Chinese government has assured Pakistan it will pursue high-quality development of the CPEC.
  • China is ready to work with Pakistan to consolidate political mutual trust, strengthen all-round cooperation including trade and investment.

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China has assured Pakistan it will pursue high-quality development of the China-Pakistan Economic Corridor, to benefit people of both countries.

In a press conference on Tuesday, the spokesperson of China’s Foreign Ministry, Geng Shuang said, “China stands ready to work with Pakistan to consolidate political mutual trust, strengthen all-round cooperation including trade and investment, pursue high-quality development of the CPEC, and to deliver more benefits to both countries and peoples.”

The spokesperson added, China and Pakistan are all-weather strategic cooperative partners, and bilateral relations have been growing with a sound momentum.

Amending Protocol

During the press conference, the spokesperson also stressed on the Amending Protocol to the Free Trade Agreement between China and Pakistan that entered into force on December 1st, 2019.

“The Protocol upgraded and revised the contents of the original free trade agreement on market access for trade in goods and tariff reduction schedules, rules of origin, trade remedies and investment. In addition, it added a new chapter on customs cooperation.

Zero-tariff Products

Among them, the core content is to substantially increase the level of liberalization of trade in goods based on the original Free Trade Agreement. The Protocol stipulates that the proportion of tariff lines with zero-tariff products will gradually increase from 35 percent to 75pc. In addition, we will also have a 20pc reduction in tariffs on other products that account for 5pc of their respective tariff lines. The tariff reduction measures came into effect on January 1, 2020,” the spokesperson said.


Also See:

CPEC Economic Zones Will Create 500,000 Direct, One Million Indirect Employment Opportunities

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