Second phase of Pakistan-China FTA comes into effect
ISLAMABAD: The second phase of the Pakistan-China Free Trade Agreement (FTA) has come into effect, allowing Pakistani manufacturers and traders to export over three hundred new products on zero duty to the massive Chinese market.
The two countries have completed all the legal procedures and formalities to start the implementation of the agreement.
Pakistan and China signed a protocol for the implementation of the agreement during the last visit of Prime Minister Imran Khan to China.
Pakistan is already enjoying zero duty on the export of 724 products to China under the first Free Trade Agreement signed between the two countries in 2006.
Last week, Adviser to Prime Minister for Commerce, Abdul Razak Dawood had announced that China has given approval to early activation of its Free Trade Agreement (FTA) with Pakistan.
Abdul Razak Dawood had said that the Free Trade Agreement (FTA) was previously scheduled to be commenced in April 2020, but the Chinese leadership had approved the early activation following its peculiar relations with Pakistan.