Big news for Pakistan from China worth billions of dollars

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Big news for Pakistan from China worth billions of dollars

ISLAMABAD: The Ministry of Commerce announced on Monday that the tariff concessions under Phase-II of the China-Pakistan Free Trade Agreement (CPFTA) would be implemented between the governments of Pakistan and China from 1st January 2020.

The protocol to amend the CPFTA-II had entered into force on 1st December 2019 through a notification. *Pakistan Today* had earlier reported that that the revised FTA would be implemented by January 2020.

As per the commerce ministry officials, the CPFTA-II shall immediately eliminate tariffs on 313 tariff lines of Pakistan’s export interest, giving Pakistani exports a preferential treatment, similar to that given to the ASEAN region. These 313 tariff lines cover over $8.7 billion worth of Pakistan’s global export and $64 billon worth of global Chinese imports.

Moreover, this would result in 75pc of total trade liberalisation for Pakistan in terms of tariff lines and 92pc in terms of trade volume.