Sino-Pak Insurance business can flourish after signing of FTA in Services Sector
Associated Press of Pakistan
Sino-Pak Insurance business can flourish after signing of FTA in Services Sector
26 February 2009
BEIJING(APP): China Thursday hoped to see substantial progress for cooperation between Pakistan and China in the area of Insurance.
Addressing a press conference here at the State Council Information Office, Vice Chairman of China Insurance Regulatory Commission (CIRC) Li Kemu while replying to a question on scope of insurance business after signing of FTA in services sector between Pakistan and China during President Asif Ali Zardari’s Feb 20-24 visit to Hubei province and Shanghai, he said that it will pave way for the business circles of Pakistan to visit China to explore the possibility of insurance business.
He said that up till now, 51 foreign insurance companies from 15 countries and regions have established 195 operational institutions in China.
Li said that the signing of FTA in services sector is in his knowledge, adding that “We are looking forward to maintain friendly relations between us”.
He pointed out that “China and Pakistan are old friends”.
As reported in state media earlier, both China and Pakistan reached the free trade zone agreement in November 2006, focused on trade in goods and investment. The new deal on trade in service means the two countries will build a comprehensive free trade zone.
An official with the International Trade and Economic Affairs of the Ministry of Commerce in a press release said that the new deal on trade in service will lay a more solid foundation for the two countries’ cooperation on dealing with the global financial crisis, promoting the economic common development, and furthering the all weather friendship.
Pakistan will further open 102 sub sectors under 11 major sectors out of the 12 WTO defined sectors and China will further open its 28 sub sectors under six major sectors.
The agreement on FTA in services sector is expected to be effective as of the first half of the year.
