Pakistan-China FTA enters second phase

Legislation | | MIC Customs Solutions |

More Pakistani goods will be able to enter China tariff-free as part of a new FTA.

The second phase of the free trade agreement (FTA) between Pakistan and China has reportedly come into effect after both parties successfully completed all the necessary legal procedures and formalities.

Representatives from Islamabad and Beijing are believed to have signed the implementation protocol at the last visit to China by prime minister of Pakistan Imran Khan.

It now means Pakistani manufacturers and traders can export more than 300 products to the Chinese market completely duty-free.

This is on top of the 724 products the country is already allowed to export under the terms of the first FTA signed between the two nations back in 2006.

Products to be exempt from levies under the agreement include textiles, seafood, leather, plastics and car parts.

Pakistan and China have a long and amicable history of trading, with relations once described by Pakistan's ambassador to the Asian nation as "deeper than the oceans, stronger than steel".