Free Trade Agreement Pakistan And China

Awan added that the country`s textile sector will benefit the most under the agreement. Chinese President Hu Jintao and his Pakistani counterpart Pervez Musharraf on Friday monitored the signing of a free trade agreement between the two allies here in Islamabad on November 24, 2006. The document was signed by the trade ministers of both countries. Pakistan already has zero tariffs on the export of 724 products to China under the first free trade pact signed between the two countries in 2006. After the implementation of the second pact, Pakistan was allowed to export more than 1,000 products to China without tariffs. These concessions have great benefits for both China and Pakistan`s trade development; It provides China with access to important agricultural, textile and engineering products to meet the needs of its growing middle class while enabling Pakistan to improve its export competitiveness and improve its industrial production. “I congratulate China on the implementation of the second phase of the free trade agreement, which will improve bilateral trade and facilitate the export of its products to the Chinese market without tariffs for Pakistani traders,” Said Firdous Ashiq Awan, the Prime Minister`s Special Assistant for Information and Radio, on Twitter. The China-Pakistan Free Trade Agreement is an important free trade agreement signed between the People`s Republic of China and Pakistan. [1] [2] [3] [4] It was completed in 2006 and came into force in July 2007. China Briefing is written and produced by Dezan Shira – Associates. The practice supports foreign investors in China and has since 1992 by offices in Beijing, Tianjin, Dalian, Qingdao, Shanghai, Hangzhou, Ningbo, Suzhou, Guangzhou, Dongguan, Zhongshan, Shenzhen and Hong Kong. Please contact the support company in China at china@dezshira.com.

The volume of trade resulting from an agreement between the two states amounted to $13 billion in 2013 and reached $20 billion in 2017, when the two countries signed 51 agreements and protocols for cooperation in various areas. [5] China had already made a significant contribution to Pakistani imports prior to the signing of the free trade agreement and improved considerably after the implementation of the free trade agreement in 2007. Until 2012, it was the source of 15% of Pakistan`s total imports from the world, up from 9.8% in 2006. [6] [7] This is done in accordance with The Chinese Free Trade Agreements with New Zealand, Peru, Costa Rica, Switzerland, Iceland, Singapore, Australia, South Korea, Georgia, Chile and Pakistan, as well as the Asia-Pacific Trade Agreement. In the 2017-18 fiscal year, the volume of trade between China and Pakistan amounted to $13.2 billion, or 16.4% of Pakistan`s trade volume.

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