Advisor to Prime Minister on Commerce, Investment, Industries and Textile, Abdul Razak Dawood on has said that the second phase of Free Trade Agreement (FTA) with China is going to be operational from Dec 01, 2019 helping Pakistan come at par with the Association of South East Asian Nations (ASEAN) in Chinese market, providing a huge opportunity of tariff relaxation to the manufacturers especially the garment sector to enhance their export volume with the potential to grow by 20 times.
Dawood said that recently International Monetary Fund (IMF) has said that government is moving in right direction as it has reduced the fiscal deficit and also controlled the volatility in the exchange rate in last few months. He stressed his hope that we will further bring down the fiscal deficit by June 2020. Recently Pakistan has jumped up 28 places on the World Bank Ease of Doing Business Index and secured a place among top 10 countries with the most improved business climate.
“Government’s major economic agenda is to increase country’s exports, which would strengthen the economy by overcoming trade and current account deficit,” the advisor said.