ISLAMABAD – In a big economic development, China gives Pakistan duty freeaccess worth billions of dollars annually.
The much-awaited revised China-Pakistan Free Trade Agreement Phase 2(FTA-II) would start from December 2019, under which China will immediatelyeliminate tariffs on 313 most priority tariff lines of Pakistan’s exportinterest.
Adviser to PM on Commerce Abdul Razzaq Dawood has said while talking aboutthe early operationalisation of the revised agreement during a pressconference on Tuesday.
The minister said various provisions of the revised FTA would beimplemented according to the agreed timeline i.e. 5 years, 10 years and 15years.
The implementation phases have already been agreed on by the two countries.
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Talking about the benefits of the revised FTA, especially for Pakistan, hesaid that implementation of the second phase shall significantly increasePakistan’s exports to China and help reduce the trade deficit between thetwo countries.
It is pertinent to mention that Pakistan was already availing the $1billion export facility from China (announced earlier to increase theexisting trade volume between the two countries).
“Although the trade gap is still high, the duty-free export of selecteditems under the $1 billion facility helped Pakistan a great deal,” he said.
