ISLAMABAD – Pakistan and China are set to sign the Free Trade Agreement(FTA)-II when Prime Minister Imran Khan will leave for Beijing on April 27for three days. This was disclosed by Razak Dawood in an interview with alocal English newspaper.
Pakistan will also place its request with top Chinese functionaries seekinganother $1 billion order for exports to China out of the FTA-II agreement.The $1 billion export order will help Pakistan triple its exports to China.
He also disclosed that the Prime minister will attend the second OBOR (OneBelt One Road) Forum for International Corporations. The much-awaitedFTA-II, once it is signed, will help Pakistan double its exports to China,he said.
“Finance Secretary Younas Dagha and Commerce Secretary Sardar Ahmad NawazSukhera will leave for China on April 9 where they will hold talks with topChinese officials on the initial FTA-II accord.
However, on the sidelines of the OBOR Forum that will be attended by headsof states and delegates from over 100 countries, both the countries willink the free trade accord-II in the presence of Prime Minister Imran Khanand Chinese President Xi Jinping,” he said.
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On November 9, 2018, he said, Beijing had placed an order with Islamabad of$1 billion exports to the Chinese market. Under that particular order,Pakistan was to export 300,000 metric tonnes (MT)of sugar, 350,000 MTyarn and 200,000 MT of rice.
For the $1 billion order, $300 million of rice and sugar will be exportedby June 30, 2019. Almost 75 percent of the rice has been shipped and therest of the consignment will be completed by June 30, 2019. However, otherconsignments of sugar and yarn are to be executed by December 2019.
The exports to China currently stand at $1.2 billion which will surge to$2.4 billion after signing FTA-II, but out of the second free trade deal,the target of export of $1 billion is to be executed by December 2019, thatwill be followed by another $1 billion exports, for which Pakistan willalso request China to extend the order during the forthcoming visit.
