Sino-Pak FTA- II to boost Pakistan’s exports by US $ 2 bln

ISLAMABAD, Apr 16 (APP):The Pakistan’s exports would be increased by US $ 2 billion annually after signing the Sino-Pak Free Trade Agreement-II (FTA-II), Adviser on Commerce and textiles, Abdul Razak Dawood said Tuesday.

He was briefing the National Assembly’s Standing Committee on Commerce and Textile, chaired by member national assembly Syed Naveed Qamar.

The committee was given detailed briefing on recent FTA-II negotiation, during which China had agreed to allow free market access to 313 Pakistan products.

The adviser said Free Trade Agreement was signed between Pakistan and China in 2007, however, he added, after China’s FTA with Association of South East Asian (ASIAN) countries, Pak- China FTA needed to be reviewed to get same market access as ASIAN countries were getting.

He said China also agreed to give US $ one billion free access to Pakistan into its markets, besides the relaxation would be given to Pakistan on 313 items under FTA-II.

Razak said Pakistan would get free market access on textiles, leather, sports, surgical including the rice and sugar for increasing countries exports.

He informed that Indonesia also agreed to give unilateral free market access on 20 items to Pakistan under Preferential Trade Agreement (PTA), which was signed between Pakistan and Indonesia in 2012.

He said Free Trade Agreement (FTA) negotiation was also continuing between Pakistan and Turkey and now the latter also agreed to give free market access to Pakistani textile products.

Meanwhile, Secretary Commerce Ahmed Nawaz Sukhara also briefed the committee on current situation of trade and causes of trade deficit besides informing the committee about recent positive trends in exports.

The ministry was working on Strategic Trade Policy Framework (STPF) 2019-14 and National tariff Policy, he said adding that trade related investment policy framework was also being prepared for increasing the country’s exports.

He informed that during fiscal year 2019 around eight per cent decline was observed in country’s imports.

Among others, the meeting was attended by Nawab Sher, Sajida Begum, Mrs. Farukh Khan, Muhammad Yaqoob Sheikh, Khurram Shaza, Shaists Pervaiz and Senior official of Ministry of Commerce attended the meeting.