ISLAMABAD – Pakistan has given a list of 268 items to China for unilateral concessions and the matter would be discussed between trade officials of the two countries in June this year, in Beijing, an official source said.
Pakistan, he said, had recently submitted the list, during talks on the second phase of the Free Trade Agreement (FTA). The first phase expires on December 31, 2012. Officials of both countries discussed modalities for the second phase, which would be implemented from January 1, 2013. Pakistan is looking for unilateral trade concessions, as the current trade balance is heavily in favour of China.
Bilateral trade between the two countries underwent immense growth after the signing of the FTA in 2006 and was implemented from July 2007. Chinese exported products worth $7.2 billion last year compared to Pakistani exports of $1.5 billion, the source said.
He said that tariff concessions would also be negotiated for the second phase of the FTA in order to help Pakistan enhance its exports to China. We have already conveyed that the country’s economy was under tremendous strain due to multiple factors like war against terrorism, global economic meltdown and the worst floods in country’s history.
The government has declared 2011 as the year of the exports and focus would be at boosting exports to China. The government is negotiating removal of non tariff barriers with China and has planned participation of businesses in international exhibitions in China.
Pakistan seeks unilateral concessions on 268 items from China
