Federation of Pakistan Chambers of Commerce and Industry (FPCCI) organized an interactive event in Karachi for discussions regarding fate of second phase of China-Pakistan Free Trade Agreement (CPFTA). Several stakeholders and potential affectees of the CPFTA were present in the session. President FPCCI Engr Daroo Khan Achakzai while presiding over the event said that Pakistan may enter into second phase of China-Pakistan Free Trade Agreement (CPFTA) with China but not at cost of closing our local industries and adversely affecting the economy at large.
The first phase of CPFTA after agreement has enhanced Pakistan’s trade deficit with China to an alarming level of US$ 17 billion. During the session Pakistani businessmen expressed grave reservations regarding entering into the second phase of CPFTA without overcoming the shortcomings of the first phase. The participants emphasised the importance of taking appropriate measures to protect the domestic industries of chemical, steel, leather, plastic and poultry, and modifying policies in specific industries in SME in such a way that the effects of FTA do not adversely affect the present industry.
The participants of the meeting also showed concern on non-implementation of Electronic Data Exchange, earlier agreed between the Customs of both sides.
The participants also showed further concern on non-documented datas of at least 36 percent on account of reasons inclusive of continued reported under invoicing, which not only is making losses in custom collections but is also against fair practices of trade leading to unhealthy competition.
