Trade balance to improve in Pakistan's favor after revised FTA with China

Trade balance to improve in Pakistan's favor after revised FTA with China

ISLAMABAD: Deputy Chairman Planning Commission  Sartaj Aziz on Tuesday hoped that after finalization of revised Free Trade Agreement (FTA) between Pakistan and China, the trade balance between the two countries is likely to be improved considerably and in favor of  Pakistan.

He said as a result of cooperation in agriculture sector, Pakistan would fetch an opportunity to export agricultural products including grains, cotton, sugar, fresh vegetables, and fruits to China.

The Deputy Chairman Planning Commission was talking to a delegation of Chinese journalists who called on him here.Sartaj Aziz said  that the visit of Chinese President Xi Jinping gave new dimensions to Pakistan-China relations.He said the Chinese vision of One Belt One Road (OBOR) has increased global connectivity.

He said China Pakistan Economic Corridor (CPEC) is the flagship project of OBOR and is being actively pursued due to commitment of leadership of both countries.

The investment value of first phase of CPEC projects has reached to over US$30 billion while overall investment has exceeded $60 billion, he said adding the Long Term Plan of CPEC was approved by the Joint Coordination Committee on CPEC last week which would provide new foundations to Pak-China relations.

He said Long Term Plan of CPEC is an important element of Pakistan's proposed 12th five years plan. Sartaj Aziz said due to construction of CPEC routes, the less developed areas of the country would enter a new era of development.

Due to industrial cooperation between the two countries, the Chinese industries are shifting to  Pakistan which would help boosting business activities in the country, he added.

He said the establishment of nine industrial zones under CPEC would bring industrial revolution in the country and not only industrialists from the two countries but from across the world would be able to establish their industries in the zones.

He informed that the government has formulated a very liberal investment policy to promote foreign direct investment in the country.