Business Experts Appreciate the Revised FTA with China
Business experts have called for improving the country’s export capacity to cater to the Chinese market’s demand.
The demand was made at a seminar related to the Pakistan-China Free Trade Agreement (FTA) in Islamabad.
Speaking at the forum, many experts urged the government to make full use of the second phase of the free trade agreement between the two countries.
They termed FTA a silver lining for the Pakistani business community and an excellent opportunity for both sides.
The seminar was also attended by the Chinese Embassy’s Economic and Commercial Section Counsellor Wang Zhihua.
Speaking on occasion, Wang mentioned that the volume of trade between Pakistan and China had grown over the years.
He, however, mentioned that the trade imbalance is still a daunting task for the country. Wang believes that the reason behind it was structural.
The main reason behind the trade imbalance between the two countries is structural, where China has a strong manufacturing base to export goods as compared to imports, he remarked.
He hoped that the second phase of FTA, expected to be signed on the sidelines of the second Belt and Road Forum, would help minimize the difference.
The Chinese official highlighted that his country is going to remove duties on more than 300 Pakistan products, especially in the agricultural sector where Pakistan can expand its exports.
We hope that the government will adopt a new industrial policy at the earliest to help improve business environment and ease of doing business, he said.
Wang concluded that the move will also push Chinese investors to inject more cash into the country.
Source: Pro Pakistani