Businessmen urged to contribute in the $ 5 trillion Chinese import market

Adviser to the Prime Minister on Commerce and Textile Abdul Razak Dawood while addressing an awareness seminar on the 2nd phase of Pak-China FTA organised by Ministry of Commerce and Textile in collaboration with Trade Development Authority of Pakistan (TDAP) said that the minimum 10 percent realisation of free market access of 313 Pakistani items expected to be given by China under Phase-II of Free Trade Agreement (FTA) would bring US$ 6 billion exports growth. He thanked the Chinese government who had accepted Pakistan’s demand for concessions.
Dawood urged the Paksitani business community to contribute its maximum share in the $ 5 trillion Chinese import market in the next five years. Both sides have agreed to 67 percent liberalisation in terms of trade volume for Pakistan and around 90 percent for China.
Pakistan and China are all set to sign FTA on April 28, 2019. According to the new terms of CPFTA 2019 83 percent of Pakistan’s global exports have been liberalised in contrast to 41 percent decided in FTA phase-I. Similarly, Pakistan’s exports to China were liberalised by around 35 percent in Phase-I, while 91.3 percent in Phase-II that covers 88 percent of Chinese global imports.

Federal Commerce Secretary Sardar Ahmad Nawaz Sukhera, Secretary Trade Development Authority of Pakistan Muhammad Sualeh Ahmad Faruqui and others also attended the event.