ISLAMABAD: Ministry of Commerce, China Wang Shouwen has said the implementation of China-Pakistan Free Trade Agreement (CPFTA), Pakistan will be able to expand its exports to China which due to domestic consumption demand with a population of 1.3 billion, is expanding exponentially.
According to a message received here from Pakistan embassy, China, he was heading Chinese side of 8th round of CPFTA (second phase) in Beijing. Secretary Ministry of Commerce Pakistan, Younus Dagha headed the Pakistani delegation. Chinese delegation consists of representatives of seven government
Ministries and departments. Welcoming the guests,Vice Minister expressed his desire to further strengthen economic and trade cooperation between the two countries.
He said that China was now the largest trading partner of Pakistan and after the conclusion and implementation of CPFTA, Pakistan would be able to multiply its exports to expanding Chinese consumption market.
In his opening remarks, Mr. Dagha said that the current volume of trade between Pakistan and China of US$16 billion is a testimony to the ever growing economic co-operation.
The Secretary Commerce stated that the benefits of CPEC and CPFTA shall be shared equitably by the two countries and should be a win-win proposition for both sides. He stressed the need for addressing growing trade imbalance and visa facilitation for Pakistani businessmen visiting China.
The first phase of CPFTA was signed in 2006 and became operational the following year. Major areas under discussion during the 8th CPFTA are Trade in goods, Trade in services and investment opportunities. Ambassador of Pakistan to China Masood Khalid was also present on the occasion.