ID :
167247
Thu, 03/10/2011 - 15:56
Auther :
Shortlink :
http://m.oananews.org//node/167247
The shortlink copeid
Pakistan, China begin talks on second phase of Free Trade Agreement
Islamabad, March 10, 2011 (PPI): Pakistan and China Thursday began talks on second phase of Free Trade Agreement (FTA) with special focus on encouraging Pakistan’s exports to China and reduce Pakistan’s trade deficit in trade, tariff concessions to each other. First phase of FTA will conclude on 31 December, 2012 and second phase implemented from January 2013.
Trade between two countries witnessed growth since first phase of FTA but balance is much in favour of China, whose exports rose by 36% on year-on-year basis. Annual bilateral trade in 2010 was $8.67 billion and soon touch $10 billion.
Deputy Director Chinese Commerce Ministry, Zhu Hong said of total trade, Chinese exports to Pakistan were $6.9 billion, 36% increase and imports $1.78 billion, 37% upward trend. Tariff concessions negotiated for FTA second phase will help Pakistan enhance its exports to China. “We attach great importance to trade with Pakistan,” he stated.
Both sides will endeavour to eliminate tariffs of no less than 90% of products, in terms of tariff lines, trade volume within reasonable period.
Joint Secretary Commerce Ministry, Rehmatullah Khan said Pakistan is passing through difficult times due to war on terror, devastating floods badly hit economy, global economic meltdown impacted exports. FTA second phase will provide more benefits to both countries. He spoke of rising trade deficit and called for enhancing Pakistan’s exports to China.
Trade between two countries witnessed growth since first phase of FTA but balance is much in favour of China, whose exports rose by 36% on year-on-year basis. Annual bilateral trade in 2010 was $8.67 billion and soon touch $10 billion.
Deputy Director Chinese Commerce Ministry, Zhu Hong said of total trade, Chinese exports to Pakistan were $6.9 billion, 36% increase and imports $1.78 billion, 37% upward trend. Tariff concessions negotiated for FTA second phase will help Pakistan enhance its exports to China. “We attach great importance to trade with Pakistan,” he stated.
Both sides will endeavour to eliminate tariffs of no less than 90% of products, in terms of tariff lines, trade volume within reasonable period.
Joint Secretary Commerce Ministry, Rehmatullah Khan said Pakistan is passing through difficult times due to war on terror, devastating floods badly hit economy, global economic meltdown impacted exports. FTA second phase will provide more benefits to both countries. He spoke of rising trade deficit and called for enhancing Pakistan’s exports to China.
