First Trade Agreement Between Pakistan And China
Last year, Pakistan signed an agreement with China to use the Chinese currency for bilateral trade to get rid of the dollar`s burden on bilateral trade of $15 billion. The amendment protocol, also known as phase II of the CPFTA, aims to deepen trade relations between China and Pakistan through increasing liberalization of trade in goods, guaranteeing mechanisms for its domestic industry and facilitating the balance of payments between countries and electronic data exchange. On 9 April, the 11th meeting of the second phase of the “Freisa/Da” free trade agreement between China and Pakistan was held in Beijing. Wang Shouwen, China`s Vice Minister of Trade and Vice-Representative for Trade, met with delegations led by Sukhera, Pakistan`s Minister of Trade, and Mr. Dagha, Minister of Finance, respectively. The two sides have held extensive consultations on issues such as tariff reductions, investment and customs cooperation, and have made positive progress.  In fiscal year 2017-18, the volume of trade between China and Pakistan amounted to $13.2 billion, or 16.4% of Pakistan`s trade volume. 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.  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.   The architecture of the bilateral free trade agreement includes trade in goods and investments in the first phase, and the heads of state and government of both countries decided to negotiate trade in services in 2007 in order to broaden the scope of the free trade agreement. 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 email@example.com. 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. 3. Among the key features of the Phase II agreement are, among other things: this CPFTA review cycle expands and diversifies business opportunities for businesses on both sides, while preserving fair and equitable protection of the local interests of the industry.