It may be mentioned that these negotiations had started in 2012 to finalize the revised version of CPFTA
, it added.
The Pakistan delegation was led by Secretary Commerce Mohammad Younus Dagha, who presented the demands of Pakistani exporters and industries for accommodating in the final draft of the CPFTA.
It is pertinent to mention here that the negotiations between the two countries had started in 2012 to finalize the revised version of CPFTA.
He said that China was now the largest trading partner of Pakistan and after the conclusion and implementation of CPFTA, Pakistan would be able to multiply its exports to expanding Chinese consumption market.
The first phase of CPFTA was signed in 2006 and became operational the following year.
Dastgir Khan reiterated Pakistan's stance that the second phase of CPFTA
should be based on the principle of less than equal reciprocity in favor of Pakistan.
With regard to enhancing trade in services under the CPFTA
, Chinese side shared a preliminary list of sectors and sub-sectors for evaluation of Pakistani side.
He said Working Groups on Customs also shared some information on modalities of establishing customs Electronic Data Exchange related to the implementation of CPFTA.
In evaluating the first phase of CPFTA, both sides raised concerns regarding insufficient utilization of concessions, influence to local industry as a result of concessions and misuse of certificate of origin which could be addressed in the second phase.
The minister said it was also agreed to establish a working group on Trade in Services and Investment, which will have its meeting with next CPFTA meeting, scheduled to be held at the end of March, 2015.
The group would mutually agree the frequency of the meetings and present their recommendations in the next meeting of CPFTA.
On the matters of Sanitary Phytosanitary (SPS) /Technical Barriers to Trade (TBT) and Mutual Recognition Agreement (MRA), both sides agreed that SPS & TBT Committees which have already been referred under article 34 & 41 of CPFTA may be made functional.