Summary The second phase of China-Pakistan FTA is scheduled to be signed in Beijing on April 28.
(Web Desk) – Prime Minister’s (PM) Advisor for Commerce Abdul Razak Dawood said on Wednesday that under the new list of 313 items included in the second phase of China-Pakistan free trade agreement (FTA), the country’s export earnings could increase by $500 million.
He said the new list is not limited to textile specific products but also includes textile goods, leather, engineering, chemicals, furniture, auto parts, plastic, rubber, paper board, ceramic, glass, surgical instruments, footwear, wood, articles of stones, sea food, meat, tractors, home appliances etc.
The second phase of China-Pakistan FTA is scheduled to be signed in Beijing on April 28 during PM Imran Khan’s official visit of to the country.
Dawood said that Beijing imports around $64 billion worth of these items from across the globe, and if Pakistan is successful in capturing just 10pc of that market share, the country’s exports to China could rise to $6bn.
About China’s export to Pakistan, he said that “we are opening up to 80 per cent of the tariff line over a period of fifteen years, from the existing 35pc.”
Referring to the first phase of Pak-China FTA, which came into effect in 2007, he said that it lacked proper safeguard measures, and now on our request, the Chinese authorities have incorporated those measures in the second phase.
The federal cabinet at its meeting on Tuesday also approved the second phase of FTA which will become operational after the Chinese government completes due diligence.
