Breaking News

Asia Today ISSN 1861-4604 Tuesday, April 24, 2018

Headline

China, Pakistan to begin second phase of trade talks next week

Pervaiz Malik has asked China to revise the existing free trade

Share on Facebook September 9, 2017, Reporter : ANI, Reader : 466

news

Lahore [Pakistan], September 9 (ANI):Pakistan Commerce Minister Pervaiz Malik has asked China to revise the existing free trade agreement (FTA) on the less-than-equal reciprocity principle ahead of the eighth round of negotiations on the second phase of the FTA to be held in Beijing on September 14 and 15.

"We will demand an early-harvest programme in the existing FTA that will cover 100 items of Pakistan's export interest," the Dawn quoted Malik, as saying.

The negotiations were held to overcome the trade imbalance that exists between the two countries.

Commerce Secretary Younus Dagha will lead a technical team to represent Pakistan in the secretary-level talks.

Malik said China signed several bilateral and regional FTAs, which limited the benefit of preferences to Pakistan. China's FTA with the Association of Southeast Asian Nations countries has also made the preferential treaty for Pakistan mostly irrelevant.

The minister said Pakistan will urge China to enter into the early-harvest programme. "We also raised this issue with Pakistan's foreign minister before his visit to China," he said, adding that the ministry also sought help from the Foreign Office to make the treaty beneficial.

Pakistan may not sign the second phase of the FTA as it fears that the move will further increase imports from China. Authorities in Beijing are unwilling to accept Islamabad's demand for the revival of the preferential treatment for exportable products under the FTA, the Dawn reports.

As per the original plan, the second phase was supposed to be implemented from Jan 1, 2014. Both countries started negotiations for the second phase in 2011. The FTA covers more than 7,000 tariff lines at eight-digit tariff code under the Harmonised System (HS). Both sides have held seven rounds of negotiation on the second phase to break the deadlock.

A commerce ministry report revealed that Pakistan could not utilise the concessions granted by China under the first phase. Pakistan's key exports to China were raw material and intermediate products, such as cotton yarn, woven fabric, grey fabric etc. Value-added products were missing despite the fact that some of these products, like garments, were included in the concessionary regime.

It only exported in 253 tariff lines, where the average export value was $500 or more, which was around 3.3pc of the total tariff lines (7,550) on which China granted concessions to Pakistan.(ANI)

 

More Euro Asia news of the month

Photos Pakistani Taliban Confirms Death Of Leader's Son

The Pakistani Taliban has confirmed the death of the son of leader Mullah Fazlullah in a suspected U.S. drone strike on March 6. In...

Photos 'Deep State' ensures Pakistan's political parties in disarray in election year

Feb.26 (ANI): Pakistan's election year has begun but the main political parties are in disarray. The 'Deep State' has...

Photos Banned charities a huge management challenge for Pakistan

Islamabad/Lahore, Feb.22 (ANI): The Government of Pakistan may have banned all charities associated with the Hafiz Saeed-led...

Photos Fake news hurting media credibility

January 27, 2018 Front Page, Media Ethics Web Desk ISLAMABAD: The drop scene of TV anchor Dr Shahid Masood's sensational claims...

Photos ISIS in central Asia: Terrorist group expanded in Pakistan

ISLAMABAD, Pakistan - After facing a deadly defeat in the Middle East, the group, once believed to be the world’s most dangerous...

Photos Pakistan to set up $1.51 billion hydropower project in PoK

ISLAMABAD, Pakistan - Pakistan has unveiled plans for its massive $1.5 billion hydropower project, with a timeline of six years. The...

Photos Christmas worshippers victimized in Pakistan ISIS attack

QUETTA, Pakistan - Pakistan’s restive southwestern city of Quetta in Balochistan province suffered yet another terrorist attack,...

Photos Global terrorist Hafiz Saeed wants to be off the terror list

ISLAMABAD, Pakistan - After Pakistan released the head of the global terrorist organization Jamaat-ud-Dawa (JuD), Hafiz Saeed from house...

Photos No clothes allowed: Paris opens its first nudist eatery

ISLAMABAD - Pakistani police using tear gas and water canon fought running battles with stone-throwing Islamist activists, as they moved...

Flying Reimagined

Stock Index

Tuesday, April 24, 2018

Life Style

Photo Gallery

FEUILLETON