ISLAMABAD: Second phase of Free Trade Agreement (FTA) between Pakistan and China would be signed by the mid of coming March to increase the trade between two countries.
During next month, the Chinese vice-minister will visit Islamabad along with his delegation for signing the amended FTA between Pakistan and China, a senior official of Ministry of Commerce and Textile told APP here on Wednesday.
He said that after intense negotiations with the Pakistani delegation led by Commerce Federal Secretary Muhammad Younas Dhaga, the Chinese side agreed to accommodate Pakistan’s demands in the Pak-China FTA.
Replying to a question, he said that these negotiations were started in 2012 to finalise the revised version of the FTA.
He said that Chinese side also agreed on electronic data exchange which would help reduce the chances of under-invoicing, another major concern of the Pakistani industry.
Replying to another question, he said that in the upcoming Strategic Trade Policy Framework (STPF) 2018-23, Ministry of Commerce is devising the long, medium and short-term trade policy for the period of five years so that trade could benefit from the incentives announced in STPF 2018-23.
The major focus of STPF would be boosting exports in the technology and services sector, increasing competitiveness and investment linkages, attracting Foreign Direct Investment (FDI) in the export-related industry and integration local industry into the global value chain.
He thanked all the stakeholders for their concrete proposals based on proper research of markets and data and suggested their consideration by Ministry of Commerce and incorporation of the same in the upcoming STPF.
Replying to another question, he said the country’s exports increased in last three months and were expected to reach $23 billion in the coming months.
