Pakistan and China are expected to sign the revised bilateral free trade agreement anytime during this year as the two sided are currently deliberating on the subject, Commerce Minister Pervez Malik said on Tuesday.
Pakistan has deferred signing the second phase of Free Trade Agreement (FTA) with China at the last moment due to strong reservations over the final offer list shared by Beijing, signaling the straining bilateral relationship between the two countries.
Pakistan has had an increasing trade deficit with Thailand; for the period 8MFY18 the trade deficit has increased by 44 percent YoY as increases in imports from Thailand greatly outweigh rise in exports. In monetary terms, the trade deficit of 8MFY18 at $611 million is almost at par with FY16’s annual deficit, indicating the speed at which it is growing.
Pakistan and China started negotiations on the second phase of the Pak-China FTA in 2011. So far, 10th meetings have been held in this regard. China was not willing to offer Pakistan substantial market access on items of Islamabad’s interest.
In Pakistan, businessmen and investors are expressing concerns over free trade agreement (FTA) with China claiming that would hurt the manufacturing sector.
Pakistan’s federal government has deferred second phase of the Free Trade Agreement (FTA) with China on the demand of the business community.
Pakistan and Thai governments are actively engaged in talks on free trade agreement (FTA) and with signing of the FTA, the bilateral trade will instantly boost as there is a huge potential on the both sides.
Pakistan and China on Monday failed to reach a breakthrough on second phase of Free Trade Agreement (FTA) in Islamabad as talks between two countries ended inconclusively.
Turkish Ambassador to Pakistan Mustafa Yurdakul has said that issue of Free Trade Agreement (FTA) and grant of GSP+ status to Pakistan between the two countries would be resolved soon, adding that such matters were not resolved in days and Ankara was optimistic that the issue would be resolved amicably in near future.
Local manufacturers, who were not consulted on the plans, are up in arms as their government proposes major cuts to concessions on imports of Chinese goods.
Pakistan’s public finances and currency are in a state of disarray, with part of the blame being laid at the door of the country’s engagement with China’s Belt Road project
Various exporting sectors have strongly advised Pakistan’s ministry of commerce to defer the signing of second phase of Free Trade Agreement (FTA-II) with China until the next government takes charge after polls in July, 2018, industry officials said on Tuesday.
Pakistan and China have agreed to offer zero per cent duty on 70pc tariff lines to each other under the revised Free Trade Agreement, a move that is expected to add to increasing imbalance in bilateral trade and revenue loss.
Foreign Minister Khawaja Muhammad Asif and his Iranian counterpart Dr. Javad Zarif on Monday agreed to continue engagement for enhancing economic cooperation including bilateral trade, investments, and commercial interaction to promote shared prosperity.
The second phase of the free trade agreement (FTA) between Pakistan and China would be signed by mid-March to increase bilateral trade.
Pakistan and China have agreed to amend the bilateral free trade agreement (FTA) with a view to providing Pakistani exports with better access to the Chinese market.
Deputy Chairman of Planning Commission Sartaj Aziz stressed the need for early conclusion of Free Trade Agreement between Pakistan and Turkey to help boosting bilateral trade.
The demands included those from exporters to provide tariff concessions equivalent to the ASEAN countries.
Both countries agreed to expand the PTA and opt for a Free Trade Agreement.
place in Beijing on Wednesday. The government is preparing for the FTA dialogue with an aim to explore huge market of China ,” said an official of the ministry of commerce. China had recently offered to re-initiate the stalled talks on free trade agreement-II, which is likely to resolve the pending issues.