Pakistan, China fail to sign FTA

ISLAMABAD: Pakistan and China have failed to sign even official minutes on the conclusion of 10th rounds of parleys held at Islamabad for finalising 2nd phase of China Pakistan Free Trade Agreement (CPFTA) mainly because both sides could not sort out differences on granting incentives for boosting each other exports.

No breakthrough could achieve in last 10t round of parleys, said one top official in background discussions here on Tuesday. “The latest round of talks between China and Pakistan remained inconclusive as both sides held talks at Islamabad on Monday that continued late at night without achieving any breakthrough,” official sources confirmed to The News.

According to 10th meeting of 2nd phase negotiation of China-Pakistan FTA which held on April 2, 2018 at Islamabad led by Pakistan’s Federal Secretary for Commerce Younas Dagha and China’s Vice Minister Mr Wang Shouwen, it was part of the agenda that both sides would sign official minutes of the meeting at the end of the talks but it could not happen on Monday night.

When contacted to Federal Secretary Commerce Youas Dagha, he replied that we agreed to exchange drafts on emails. Its normal practice in such meetings.” However, the sources said that Pakistan and China could not strike consensus on thorny trade issues because Islamabad was facing massive trade deficit from China which had gone to $14 billion in last fiscal year. Total trade deficit of Pakistan stood at $32 billion out of which its deficit with China was $14 billion in last financial year.