Haberler      English      العربية      Pусский         Kurdî      Türkçe Delivering News and Insights Around the World Keltis
  En.Haberler.Com - Latest News
SEARCH IN NEWS:
  HOME PAGE 11/08/2020 21:50 
02.12.2019 14:57 News >> 2Nd Phase Of China-Pakistan Free Trade Deal In Effect

2Nd Phase Of China-Pakistan Free Trade Deal In Effect

Agreement to allow Pakistani manufacturers, traders to export 313 new products to China on zero duty.

The second phase of the China-Pakistan Free Trade Agreement came into effect as of Sunday, officials said on Monday.
The new phase will allow the Pakistani manufacturers and traders to export around 313 new products to the Chinese market on zero duty.
"I congratulate China on implementation of the second phase of free trade agreement which will enhance bilateral trade and facilitate Pakistani traders to export its products to the Chinese market on zero duty," Firdous Ashiq Awan, special assistant to prime minister on information and broadcasting, said on Twitter.
Beijing earlier approved premature activation of the second phase of the pact with Pakistan which was signed during Prime Minister Imran Khan's visit to China in April 2019.
Awan added that the country's textile sector will benefit the most under the agreement.
Pakistan is already enjoying zero duties on 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 has been allowed to export more than 1,000 products to China with zero duties.
The new facility will particularly benefit the agriculture, leather, confectionary items and biscuits product sectors as well.
Last year, Pakistan signed an agreement with China to use Chinese currency for bilateral trade to get rid of the dollar burden in $15 billion bilateral trade.
According to official data, Pakistan's bilateral trade volume expanded to reach some $15.6 billion in the 2019 financial year, up from $ 2.2 billion in 2005.
In April, Khan also announced "the next phase" of a multibillion dollar economic cooperation project with China which he asserted will focus on eliminating poverty in Pakistan.
"Together, Pakistan and China are entering the next phase of CPEC, with greater emphasis on socio economic uplift, poverty alleviation, agricultural cooperation, and industrial development," Khan said during his visit to Beijing.
The CPEC refers to the China-Pakistan Economic Corridor, part of China's Belt and Road initiative, an ambitious project to connect Asia with Africa and Europe via land and maritime networks to increase trade and stimulate economic growth.
The $64 billion mega-project signed in 2014 aims to connect China's strategically important northwestern Xinjiang province to the Gwadar port in southern Pakistan through a network of roads, railways, and pipelines to transport cargo, oil, and gas.
The economic corridor will not only provide China with cheaper access to Africa and Middle East but will also earn Pakistan billions of dollars for providing transit facilities to the world's second-largest economy. -



        Latest News
Turkey Sends Lebanon 2Nd Aid Package After Deadly Blast 26 minutes ago...
Aid jet follows previous shipment last week with medical, humanitarian aid to Beirut where explosion killed at least 171.
Security Forces Clash With Protestors In Beirut 26 minutes ago...
Demonstrators demand departure of president, parliament following massive explosion that killed dozens in country's capital.
US Calls For Probe Into Killing Of Cameroon Aid Worker 26 minutes ago...
Kidnapped on Aug. 7 from his home, Pastor Tanjoh Christopher Fon was later killed by unidentified armed individuals.
Turkey Confirms 1,183 New Cases Of COVID-19 42 minutes ago...
Health minister says 1,185 patients recovered from virus in past 24 hours, bringing tally to over 226,000.
Greece Turns Deaf Ear To Turkey's Call For Dialogue 42 minutes ago...
Regardless of Turkey’s call on dialogue and negotiation, top Greek diplomat says Turkey 'acts insincerely'

 
      Top News
US Lawsuit Exposes Saudi Crown Prince's Death Squad US Lawsuit Exposes Saudi Crown Prince's Death Squad
Turkey Arrests 40 Suspects Over FETO Links Turkey Arrests 40 Suspects Over FETO Links
Turkey: 4 PKK Terrorists Surrender To Security Forces Turkey: 4 PKK Terrorists Surrender To Security Forces
Virus Vaccine Likely In 12-18 Months: Aussie Official Virus Vaccine Likely In 12-18 Months: Aussie Official
Belarus: 1 Dead After Night Of Violent Protests Belarus: 1 Dead After Night Of Violent Protests
Israel Shuts Gaza Border Crossing Over Fires Israel Shuts Gaza Border Crossing Over Fires
Beirut Blast: Death Toll Rises To 163 Beirut Blast: Death Toll Rises To 163
Eurasia Countries Report New COVID-19 Cases Eurasia Countries Report New COVID-19 Cases
Jordan Releases Anadolu Reporter After Brief Detention Jordan Releases Anadolu Reporter After Brief Detention
'Turkey Has Sent Medical Aid To 150 Countries': President 'Turkey Has Sent Medical Aid To 150 Countries': President