Advisor to the Prime Minister on Commerce, Textile, Industries and Production, Abdul Razak Dawood while addressing a press conference said that the agreement is expected to become operational after 1st July 2019. He acknowledged that FTA-II is a complex document and gave credit for its implementation to former Secretary Commerce, Younus Dagha (now Secretary Finance) and Joint Secretary Shafeeq Shehzad Baloch .
As part of the agreement, Pakistan has gained incentives to what are available to ASEAN countries without giving China import facilities as given by ASEAN nations. He further stated that initially China refused to give duty free access to 313 Pakistani items but later accepted Pakistan’s’ request. The list of items has been placed on the website of Commerce Division.
He stressed the fact that the menace of under invoicing needs to be addressed on priority basis. Chinese claim $15 billion exports to Pakistan but Pakistani custom claims $10 billion imports which imply that there was under invoicing of $ 5 billion.
While commenting on the future prospects he said that Chinese industries are thinking relocation which means that millions of jobs will be created especially for women with the establishment of Chinese garments companies. Two big parties have already arrived in Pakistan to establish their industry and exports of one of them are $20 billion. Both parties have already met with the Prime Minister. He further stated that there are issues like water, gas, electricity in Special Economic Zones (SEZs) which are being rectified.
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