Free Trade Agreement with China: Pakistan can reap billions of dollars from China

Free Trade Agreement with China: Pakistan can reap billions of dollars from China

KARACHI: Federation of Pakistan Chambers of Commerce & Industry (FPCCI) President Engr Daroo Khan Achakzai on Saturday appreciated the strenuous efforts made by the prime minister and his team in the preparation of the much-awaited China-Pakistan Free Trade Agreement (CPFTA)–II.

He lauded the involvement of all stakeholders in the CPFTA consultation process, saying that through the FTA-II, which will take effect from Dec 1st, the country would witness Chinese investments in all sectors.

The FPCCI chief hoped that the CPFTA-II would be instrumental in enhancing the bilateral trade volume to its optimum potential, exploring the new areas of joint ventures, transferring Chinese technology to Pakistan, broadening and protecting indigenous industries, and improving Pakistan’s trade balance with its counterpart.

He recalled that under FTA-I, Pakistan had benefitted to the tune of only 4pc whereas the rest was derived by China.

Commenting on the statement issued by Adviser to PM on Commerce Abdul Razzaq Dawood, he clarified that FPCCI has always advocated/supported the decisions of the government so as to make Pakistan economically stable and sound.

“Being the apex body of trade and industry in Pakistan, FPCCI has all the capability and expertise to assist the government to expand all economic sectors such as manufacturing, investment, export etc.”

He hailed the government for chalking out a development plan for Balochistan and Khyber Pakhtunkhwa under CPEC, which “will definitely eradicate their economic issues, particularly unemployment and poverty, and will bring the least developed rural areas of Balochistan and KP at par with the other parts of Pakistan”.