- ‘Pak-China FTA has been materialised in connection with the efforts to enhance the country’s exports’
ISLAMABAD: The incumbent government is endeavouring to explore business opportunities for the exporters and the ‘China Pakistan Free Trade Agreement Phase-II’ has been materialized in connection with the efforts to enhance the exports of the country.
This was stated by Adviser to the Prime Minister on Commerce Abdul Razzak Dawood while addressing the participants of a seminar on ‘Business Opportunities under China-Pakistan Free Trade Agreement’ held at Expo Centre, Lahore.
The adviser apprised the participants that China has agreed to grant Pakistan immediate liberalization on 313 tariff lines which constitute $64 billion of China’s total exports. “If Pakistan is successful in capturing even 10pc of this market share, our exports to China could straight away increase by $6 billion.”
The adviser urged the business leaders to exercise their potential in penetrating the Chinese market.
“We have to pursue import substitution to protect our local industry. The first phase of Pak-China FTA lacked proper safeguard measures but now on our request, the Chinese authorities have incorporated those measures in the second phase,” he said.
Commerce Secretary Sardar Ahmad Nawaz Sukhera on the occasion reiterated that the government is committed to promoting ease of doing business and reducing the cost of doing business so as to help accelerate the pace of exports. He added that the Ministry of Commerce is striving to address all business and export-related issues.
A large number of traders from Lahore, Faisalabad, Gujranwala, Gujrat and Sialkot chambers and trade associations participated in the seminar.
Meanwhile, Dawood said that inflation was taking place globally and not just in Pakistan.
Addressing another ceremony in the provincial capital, the PM’s aide said in order to curtail inflation, all departments would need to work together.
He added that steps were being taken to bring Pakistan’s economy on the right path and the government was taking decisions which would bring results.
The PM’s adviser further said that the loss-making government institutions would need to become profitable, warning of privatization if they failed to do so.
According to Dawood, the government would not take any step that could prove harmful for people. “Imran Khan’s vision is to provide relief to people but this will take time,” he stated.
Dawood said during the last five years, numerous industries closed while exports fell, but former finance minister Ishaq Dar failed to take any notice. The past governments had concealed facts from people, he accused.
Pakistan business policy going on permanent basis