FPCCI Fears Pakistan May Not Benefit From CPFTA-II.

KARACHI -- Federation of Pakistan Chambers of Commerce and Industry (FPCCI) fears that Pakistan may not be able to take advantage of opportunities under Phase II of China Pakistan Free Trade Agreement (CPFTA-II). Mian Anjum Nisar, President FPCCI and Sheikh Sultan Rehman, Vice President FPCCI said in a statement issued in Karachi expressed fear that Pakistan may not be able to reap benefits under Phase II of China Pakistan Free Trade Agreement (CPFTA-II) despite elimination of duties on 313 tariff lines covering most of Pakistan's exports. He pointed out that during Phase I of China Pakistan FTA, the balance of trade remained greatly in favor of China which managed to export 57% of its product lines while Pakistan could take advantage of only 5% of its product lines.

Pakistan exported US $ 2.1 Billion Approx. while imports from China have reach more than US $ 17 Billion Approx. that created trade gap of US $ 15 Billion Approx. in favour of China. While products included in this volume of Pakistan's exports to China are cotton (US $ 872.85 million), Cereals (US $ 161.3 million), Copper (US $150.26), Beverages, spirits and vinegar (US $133 million), Fish, crustaceans, molluscs, aquatics invertebrates (US $ 91.21 million), Ores slag and ash (US $ 66 million), Machinery, boilers (US $45.9 million), Salt, sulphur, earth, stone, plaster, lime and cement ( US $ 43.36 million), Raw hides and skins (other than furskins) and leather ( US $ 35 million, Articles of apparel, knit or crocheted (US 30 Million).

FPCCI Office Bearers expressed serious concern about...