ISLAMABAD – The Pakistan’s exports would be increased by US $ 2 billionannually after signing the Sino-Pak Free Trade Agreement-II (FTA-II),Adviser on Commerce and textiles, Abdul Razak Dawood said Tuesday.
He was briefing the National Assembly’s Standing Committee on Commerce andTextile, chaired by member national assembly Syed Naveed Qamar.
The committee was given detailed briefing on recent FTA-II negotiation,during which China had agreed to allow free market access to 313 Pakistanproducts.
The adviser said Free Trade Agreement was signed between Pakistan and Chinain 2007, however, he added, after China’s FTA with Association of SouthEast Asian (ASIAN) countries, Pak- China FTA needed to be reviewed to getsame market access as ASIAN countries were getting.
He said China also agreed to give US $ one billion free access to Pakistaninto its markets, besides the relaxation would be given to Pakistan on 313items under FTA-II.
Razak said Pakistan would get free market access on textiles, leather,sports, surgical including the rice and sugar for increasing countriesexports.
He informed that Indonesia also agreed to give unilateral free marketaccess on 20 items to Pakistan under Preferential Trade Agreement (PTA),which was signed between Pakistan and Indonesia in 2012.
Read Top Stories
He said Free Trade Agreement (FTA) negotiation was also continuing betweenPakistan and Turkey and now the latter also agreed to give free marketaccess to Pakistani textile products.
Meanwhile, Secretary Commerce Ahmed Nawaz Sukhara also briefed thecommittee on current situation of trade and causes of trade deficit besidesinforming the committee about recent positive trends in exports.
The ministry was working on Strategic Trade Policy Framework (STPF) 2019-14and National tariff Policy, he said adding that trade related investmentpolicy framework was also being prepared for increasing the country’sexports.
He informed that during fiscal year 2019 around eight per cent decline wasobserved in country’s imports.
Among others, the meeting was attended by Nawab Sher, Sajida Begum, Mrs.Farukh Khan, Muhammad Yaqoob Sheikh, Khurram Shaza, Shaists Pervaiz andSenior official of Ministry of Commerce attended the meeting.
