China agrees to revise free trade deal with Pakistan

China agrees

ISLAMABAD: In a major development, China has agreed to revise the free trade agreement (FTA) with Pakistan to give more benefits to Pakistani exporters and address the trade imbalance between the two countries.

During a recent visit to Beijing, Caretaker Commerce Minister Gohra Ijaz had asked the Chinese side to revise the FTA, also known as the China-Pakistan Free Trade Agreement (CPFTA) Phase-II, sources told HUM News English.

According to sources in the Ministry of Commerce, Pakistan will share a new list of priority tariff lines with China, which will allow it to get more concessions on its export products.

The CPFTA Phase-II was signed in 2019 and implemented from January 1, 2020. It was aimed at enhancing and deepening the trade and economic cooperation between Pakistan and China, which are strategic partners and neighbours.

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The sources said that the caretaker commerce minister also invited Chinese industrialists to invest in special economic zones in Pakistan and agreed to set up a working group to facilitate the transfer of more Chinese industries to Pakistan.

The Senate finance committee meeting was recently informed that there is a gap of $3-4 billion in trade volume between Pakistan and China, and the Federal Board of Revenue (FBR) is working to acquire real-time data from China to verify the figures.

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