Islamabad, May 17: Second phase of Pakistan-China Free Trade Agreement (FTA-II) – starting on January 1, 2020 – had a very positive impact on Pakistan’s exports in all potential sectors, a close aide of Prime Minister Imran Khan said,
Adviser to the Prime Minister for Commerce and Investment Abdul Razak Dawood said the second Phase of Pakistan-China Free Trade Agreement (FTA-II) had become operational on January 1, 2020, boosting the economy,
“The Ministry of Commerce is glad to share that during July-April 2021 our exports to China have increased by 31 percent to US $1.951 billion from $ 1.491 billion in corresponding period last year,”he tweeted. Dawood said the exports increased by USD 459 million during this period.
The Adviser said this showed that “our FTA-II is working for which the credit goes to our exporters. I encourage the exporters to aggressively utilise the tariff preferences in FTA-II.”
He added: “I also commend the efforts of MOC’s Trade and Investment Officers in China and urge them to provide even greater facilitation to our exporters and Investors.”
The new phase allows Pakistani manufacturers and traders to export around 313 new products to the Chinese market with zero duties.
The new facility particularly benefited the agriculture, leather, confectionery items and biscuits product sectors.