Second phase of China-Pakistan FTA comes into effect

ISLAMABAD: The second phase of the China-Pakistan Free Trade Agreement has come into effect Monday.

Through this phase, Pakistani manufacturers and traders will be allowed to export over 300 products on zero duty to China.

In this regard, Islamabad and Beijing completed all the legal formalities to implement the agreement.

The protocol for the implementation of the agreement was signed by the two countries during Prime Minister Imran Khan’s official visit to China.

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Pakistan already enjoys zero duty on the export of 724 products to China under the first free trade agreement signed between the two countries in 2006.

A Second Phase agreement is currently being negotiated between China and Pakistan. The second phase will lower tariffs further as well as normalize various trade procedures.

Earlier on 9th April, the 11th meeting of the 2nd phase of negotiation of China-Pakistan FTA was held in Beijing.

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Vice Minister of Commerce and deputy China international trade representative Wang Shouwen met with the delegations led by Pakistan’s Secretary of Ministry of Commerce Sukhera and Secretary of Ministry of Finance Dagha respectively.

The two sides conducted in-depth consultations on issues such as tariff reduction of goods trade, investment, and customs cooperation, and made positive progress.