These concessions have great benefits for both China and Pakistan`s trade development; It provides China with access to important agricultural, textile and engineering products to meet the needs of its growing middle class while enabling Pakistan to improve its export competitiveness and improve its industrial production. In the 2017-18 fiscal year, the volume of trade between China and Pakistan amounted to $13.2 billion, or 16.4% of Pakistan`s trade volume. During the Prime Minister`s visit to Beijing on April 28, 2019, Pakistan and China signed a protocol on Phase II of the CPFTA. In accordance with Article 79, paragraph 2, the Amendment Protocol will be an integral part of the Free Trade Agreement between China and Pakistan. These include frozen meat and seafood, dried fruit, chemicals, plastics, oilseeds, building materials, equipment and machinery, leather, auto parts, appliances and machinery. (See the full list of the Pakistani Ministry of Commerce here.) In April 2005, during Prime Minister Wen Jiabao`s visit to Pakistan, China and Pakistan announced the opening of negotiations on the free trade area. The agreement came into force in July 2007. On 21 February 2009, the Chinese State Council Dai Bingguo and Pakistani President Asif Ali Zardari attended the signing of the China-Pakistan Trade in Services Agreement, which would come into force on 10 October 2009. v. Electronic data exchange: In order to avoid misrepresentation and imputation of imports from China, an electronic data exchange system has been set up for trade under the free trade agreement. In addition to our practices in India and Russia and in our commercial research centres along the Belt-Road initiative, we also have subsidiaries that support foreign investors in Vietnam, Indonesia, Singapore, the Philippines, Malaysia and Thailand.
In addition, both parties will introduce a partial 20% reduction on other products representing 5% of taxable items in the other country`s tariff lists. 3. Among the main features of the Phase II agreement are, among others: in addition to reduced tariffs, 25% of tariff positions (or 1,760 items) have been added to the protected list. China Briefing is written and produced by Dezan Shira – Associates. The practice supports foreign investors in China and has since 1992 by offices in Beijing, Tianjin, Dalian, Qingdao, Shanghai, Hangzhou, Ningbo, Suzhou, Guangzhou, Dongguan, Zhongshan, Shenzhen and Hong Kong. Please contact the support company in China at email@example.com. The amendment protocol, also known as phase II of the CPFTA, aims to deepen trade relations between China and Pakistan through increasing liberalization of trade in goods, guaranteeing mechanisms for its domestic industry and facilitating the balance of payments between countries and electronic data exchange. The sectors that benefit from the protected list are: textiles and clothing, iron and steel, cars, electrical appliances, agriculture, chemicals, plastics, rubber, paper and cardboard, ceramics, glass and glassware, surgical instruments, shoes, leather, wood, stones and plasters and various goods.