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Secretary also urged the Chinese side for expediting the implementation process CPFTA.
Secretary also urged the Chinese side for expediting the implementation process CPFTA. The Secretary Commerce also highlighted the importance of regional integration and suggested that both sides should work closely for effective implementation of the Quadrilateral Traffic in Transit Agreement (QTTA) by removing the bottle-necks and disseminating the information among the business community.
He said Phase-I of CPFTA completed in five years by end of 2012 and under the phase-I,Pakistan liberalized 35.6% of tariff lines,19.9 % of the tariff lines were placed in category -II with tariff rates at 5 % or less.
The adviser said, after signing the second phase of CPFTA, Pakistan's exports to China would increase by $500 million within a few months, while the trade volume would keep on increasing in years to come.
The Secretary Commerce stated that the benefits of CPEC and CPFTA shall be shared equitably by the two countries and should be a win-win proposition for both sides.
Replying to question, he said that China Pakistan ,Free Trade Agreement (CPFTA), comprehensive tariff policy, reforms in National Tariff Commission (NTC) and increase in local exports were the major hallmarks of his ministry in firth years of this government.
In a presentation at the Faisalabad Chamber of Commerce and Industry, Commerce Division Joint Secretary Shafiq Shahzad informed that Pakistan has secured duty-free access on 313 items in China under the CPFTA Phase II.
According to the report an increase of 10 per cent in the protected list of Pakistan initially agreed during phase I of China Pakistan Free Trade Agreement (CPFTA) has now been raised to 25 per cent, which comes to around 1760 tariff lines and entails around 37 per cent of Pakistan's imports from China.
He said that through the modern digital ways, electronic data exchange would also be shared for stopping the under invoicing after CPFTA.
He urged the businessmen to take full advantage of concessions granted by China under the China-Pakistan Free Trade Agreement (CPFTA).He said that the trade increased despite the fact that Pakistani businessmen used only 3.3% of the total tariff lines.
Import substitution, if intended in the CPFTA, was not enabled through cascading tariffs a case of misalignment between trade and fiscal policies.
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- Cpg (disambiguation)
- CpG effect
- CpG Island Methylator Phenotype