Pakistan seek good news from China on the economic front

Pakistan seek good news from China on the economic front

*ISLAMABAD - China has announced to reduce taxes on goods imported from Pakistan alongside 22 other countries, from next year, from January next year, the finance ministry announced on Monday.*

“In order to promote the high-quality development of the “Belt and Road", build a global network of high-standard free trade zones, and implement a mutually beneficial and win-win open strategy, according to the free trade agreements or preferential trade arrangements signed by China and relevant countries or regions, 2020 China will continue to implement the agreed tax rates on some commodities originating in 23 countries or regions," said a statement from the Chinese ministry of finance .

As per the statement, goods from countries including Pakistan, New Zealand, Peru, Costa Rica, Switzerland, Iceland, Australia, South Korea, will also be subject to even lower levies under re-negotiated bilateral trade agreements.

It further said that from July 1, 2020, China will also implement the fifth step of tax reduction on the 176 information technology products' most-favored nation tax rates, and at the same time, adjust the provisional tax rates on some of these information technology products accordingly.

China said that the measures are conducive to reducing import costs, promoting the orderly and free flow of international and domestic factors, and promoting the construction of a new level of open economy.