China to provide more opportunities for Pakistani goods under CPFTA Phase-II.

ISLAMABAD -- China will provide more opportunities for Pakistani competitive goods to access the Chinese market under the China-Pakistan Free Trade Agreement Phase-II came into force on December 1. "CPFTA Phase-II is a critical initiative to strengthen trade liberalization and deepen the all-weather strategic partnership between Pakistan and China. It will provide more opportunities for Pakistani competitive goods to access the Chinese market and the bilateral trade between two countries will be developed in a more balanced way,"

Dr Wang Zhihua, Minister Counsellor in the Economic and Commercial Office of the Chinese Embassy in Pakistan told China Economic Net here on Wednesday. CPFTA Phase-II came into force on December 1, 2019, under which the tariff concession on goods will be implemented from January 1, 2020. Elaborating on the new stage of China-Pakistan bilateral trade relations, he said that China Pakistan Free Trade Agreement is the first FTA China signed with a South Asian country. Since its implementation in 2007, the bilateral trade volume soared from USD4 billion to USD15.6 billion, and the export volume from Pakistan to China rose from USD575 million to USD1.85 billion in FY2019, he added. In 2011, China and Pakistan launched the second phase of negotiations on the FTA. After a total of eleven meetings, the Protocol of the CPFTA Phase-II was formally signed at the Second 'Belt and Road' Forum for International...