Pak-China free trade pact phase-II came into force on 1st Dec

ISLAMABAD: The Phase-II of China-Pakistan Free Trade Agreement (CPFTA) has come into force with effect from December 1, 2019.

According to the announcement made by the Ministry of Commerce on Monday stating that the protocol to amend the China-Pakistan Free Trade Agreement entered into force vide Notification No 1(1)-2016/AP-I dated 1st December, 2019.

In pursuance of this notification, the Ministry of Commerce is now pleased to announce that the tariff concessions under Phase-II of the CPFTA will be implemented between the Governments of Pakistan and China from 1st January, 2020.

The Phase-II of the China-Pakistan Free Trade Agreement shall immediately eliminate tariff on 313 tariff lines of Pakistan’s export interest, giving treatment to Pakistan’s exports on a par with Asean.

These 313 tariff lines cover over $8.7 billion worth of Pakistan’s global export and $64 billon of worth of Chinese global imports. Moreover, this will result in 75% of total trade liberalisation for Pakistan in terms of tariff lines and 92% in terms of trade volume.