ISLAMABAD (Ahmed Mughal):-. Pak-China Revised FTA is still in shelves due to delay in final approval from Chinese Cabinet.
Advisor to PM on Commerce Abdul Razzaq Dawood addressed a press conference here in Islamabad on Tuesday.
On a query, he said that Pakistan and China had signed revised Free Trade Agreement (FTA) on 28 April during the China visit of Prime Minister. Under the agreement, Chinese side agreed to give duty free access to 313 different Pakistani products in its market. Both governments had decided to implement the Pak-China Revised FTA from 1st July but still they still could not do so. he further said.
He said that Pakistan had obtained approval of the agreement from Cabinet before entering. Contrary of that procedure, Chinese side signed the agreement at first phase, but they didn’t get approval from cabinet.
He expressed the hope that the Chinese side has plan to get approval from its Cabinet in Oct. After the approval from the Chinese Cabinet, the Pak-China revised agreement will come into enforce, The Advisor further said.
On a query, he further said that CPEC is very important project and intact. The project has been entered in new phase as it has been extended to bilateral cooperation in industry and social sectors.
Mr Dawood also shared the trade data and said that July proved good month for Pakistani trade. He said that the exports increased by 14 percent to $1.87 billion as compare to last year of July 3018. The country’s witnessed 18 percent decline in imports mainly due to decreasing imports of vehicles and mineral products.
The advisor said that the decision of currency devaluation has started to give its results by increasing in exports.