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Pak, China striving to lift trade ties under FTA

Pak, China striving to lift trade ties under FTA

ISLAMABAD: With the aim to enhance volume of bilateral trade, Pakistan and China are committed to resolve the issues of electronic data interchange, sanitary and phyto-sanitary measures (SPS) and technical barriers to trade (TBT).
According to the Ministry of Commerce (MoC), trade volume between Pakistan and China which was around $4.1 billion in t 2006-07 has reached all-time high in 2012-13 to $9.2 billion, posting an increase of 124 percent. Similarly, Pakistan’s exports registered 33,329 percent increase in 2012-13 as compared to 2006-07.
Similarly, China’s exports to Pakistan also increased by 89 % during this period. Under the provisions of bilateral FTA, Free Trade Commission (FTC) with an aim to discuss the issues that are hampering bilateral trade has been established.
Two meetings of the FTC have been held and the third meeting will be held on mutually agreed dates. The negotiations for the 2nd Phase of China-Pakistan Free Trade Agreement (CPFTA) were commenced in March 2011.
The two sides agreed to develop a roadmap for moving ahead in the second phase and finalize the tariff reduction modality aiming at deepening the tariff concessions. The 2nd meeting of 2nd Phased of CPFTA was held on November 14/15, 2013.
Both sides exchanged views to further strengthen bilateral trade and economic cooperation from the platform of FTA.