Pakistan’s exports to increase substantially as China-Pakistan FTA Phase 2 becomes functional

After the implementation of the second agreement, Pakistan could export more than 1000 products to China without any duty charges.

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  • The new phase of the FTA would allow Pakistan to export 313 new products to the Chinese market with no duty charges.
  • With the implementation of the agreement, 90% of China’s global imports would become duty-free for Pakistan- Ahmad Nawaz Sukhera
  • Sectors like agriculture, leather, confectionery items, and biscuits products will get the maximum benefit with the new development.

FTA

The Secretary Ministry of Commerce, Ahmad Nawaz Sukhera said, the second phase of the China-Pakistan Free Trade Agreement (FTA) has become effective from Wednesday.

In his tweet on Wednesday, the Secretary said the new phase of the project would allow Pakistan to export 313 new products to the Chinese market with no duty charges.

China’s global imports to become duty-free for Pakistan

Sukhera also said with the implementation of the agreement, 90% of China’s global imports would become duty-free for Pakistan. He further added this would eventually help our exports increase significantly.

The first free trade agreement was signed between Pakistan and China in 2016. Under the agreement, Pakistan is enjoying zero duties on exports of 724 products to China.

However, the second phase of the agreement was signed in April last year, during the PM Khan’s visit to China. After the implementation of the second agreement, Pakistan could export more than 1000 products to China without any duty charges.

Sectors like agriculture, leather, confectionery items, and biscuits products will get the maximum benefit with the new development.

Bilateral Trade Volume

According to the official data, in the fiscal year 2019, the bilateral trade volume between Pakistan and China reach $15.6 billion up from $2.2 billion in 2005.

Meanwhile, Pakistan and China are also partners in the multi-billion dollar CPEC, an ambitious project to connect Asia with Europe and Africa to increase trade and economic growth.


Also See:

‘CPEC Phase II Will Focus On Industrialization, Socioeconomic Development, Agriculture Modernization & Tourism Promotion’

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