Market access to China under CPFTA likely to increase Pakistan’s export by $500m
- Pakistan will access duty-free exports in certain segments according to the second phase of China Pakistan Free Trade Agreement.
- The pace of work on projects under China Pakistan Economic Corridor is satisfactory, says Ambassador of China Yao Jing.
The Chinese government has finally agreed to grant free-trade access to Pakistan, an offer that took years of negotiations with China. According to the second phase of the Free-Trade Agreement with China, Pakistan likely to access duty-free exports in certain segments.
The Phase-II of China Pakistan Free Trade Agreement (CPFTA) would be finalized by next month after which ninety percent of Pakistani exports including agricultural products and seafood will attract zero percent duty, Ambassador of China Yao Jing said.
The pace of work on projects under China Pakistan Economic Corridor is satisfactory, he said, adding that the market access would increase Pakistan’s exports by $500m thereby reducing the bilateral trade disparity between the two countries.
He also announced that Beijing has planned to invest $1 billion in development projects in Islamabad. The announcement was made while he was addressing the Islamabad Women’s Chamber of Commerce and Industry (IWCCI) last Saturday, a report from The Express Tribune read.
The ambassador also remarked that the Chinese businesswomen would be invited to take part in the fifth Islamabad Expo scheduled in November this year to promote the networking and to explore the market opportunities and conversely the women entrepreneurs of Pakistan would be sent to China to participate in the expos and to explore the business opportunities as well.
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CPEC offers multilateral investment in Pakistan and if utilized to its full potential can increase the country’s GDP and economic potential but as of now Pakistan is facing the crippling economic crisis and Chinese investment amounting to $1 billion dollars, as announced by the Chinese envoy, is a positive addition for the country that is facing the high fiscal strain and geostrategic threats due to current state of crisis the neighboring Afghanistan especially after recent cancellation of Afghan-Peace Talks by President Trump and turbulence in Indian Occupied Kashmir whose autonomy has been stripped by ultra-nationalistic elite of BJP.
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