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2nd phase of China-Pakistan Free Trade Agreement comes into effect

KARACHI: As Pakistan and China had completed all the formalities and the legal procedures  the second phase of China-Pakistan Free Trade Agreement (CPFTA) came into effect, allowing Pakistani manufacturers and traders to export more  than 300 new products to China on zero duty.

It may be recalled that during the last visit of PM Imran Khan to China Pakistan and China had signed a protocol for implementation of the agreement. It is pertinent to mention here that Pakistan was already enjoying zero duty on export of 724 products to China under the first Free Trade Agreement signed in 2006.

Speaking about the implementation of second phase of China-Pakistan Free Trade Agreement,  Special Assistant to Prime Minister on Information and Broadcasting, Dr. Firdous Ashiq Awan stated that the arrangement reflected the everlasting relationship between the two countries.

Taking to the Twitter Firdous Ashiq Awan held that the arrangement would facilitate Pakistani traders to export products to the Chinese market on zero duty. She also pointed out that the country’s textile sector would benefit the most under this agreement. She stated that those producing agriculture and leather products as well as confectionery items and biscuits would get advantage. Ashiq Awan held that more good news were on the cards. 

A relevant piece published earlier:

Envoy reveals China establishing 50 vocational centers in Balochistan

QUETTA: H.E. Yao  Jing, Ambassador of China in Pakistan, while talking to journalists here revealed that in order to provide jobs to the locals, nineteen industries and fifty vocational centers would be established in Balochistan via Chinese investment.

The Envoy held: “China seeks to contribute to the overall development of Balochistan’s mining, agriculture, fisheries and water sectors. The Chinese consulate is easing the visa procedure for the businessman community…

“CPEC would change the economic fortune of not only Balochistan, but also Afghanistan and other Central Asian countries and all projects would go through Pakistan.

“Chinese companies are working to strengthen the provincial irrigation sector while 50 vocational centers are being established for enhancing skills of young generation of the province…

“China will invest in expansion of the Zhob-D.I. Khan highway considered vital for CPEC”. 

President Alvi promulgates ordinance to establish CPEC Authority

ISLAMABAD: President Arif Alvi has promulgated here today  an ordinance in order to establish China Pakistan Economic Corridor (CPEC) Authority.

According to details, exercising his powers under clause (1) of Article 89 of the Constitution President Alvi promulgated the China Pakistan Economic Corridor Authority Ordinance 2019 on 5th day of Oct. and issued on Monday  7th of Oct. The Section 1 of the Ordinance shall come into force at once and other provisions shall come into force on such date or dates as the prime minister may, by notification in the official gazette, appoint and different dates may be appointed for different provisions.

It has been stated that the establishment of CPEC Authority was aimed at accelerating the pace of CPEC related activities, find new drivers of growth, unlock the potential of interlinked production network and global value chains through regional and global connectivity.

Pakistan to complete CPEC just like its nuclear program: Qureshi

ISLAMABAD: Foreign Minister Shah Mehmood Qureshi has said that whole nation was in favor of China Pakistan Economic Corridor (CPEC) project and it would be completed just like the nuclear program.

While speaking in the National Assembly, Qureshi said that no objections are being raised on CPEC project and the whole nation is united on it.

The foreign minister praised efforts of security forces by taking timely action against terrorists to establish peace across the country.

Qureshi said that the project will increase opportunities for regional connectivity and bring prosperity to the region.

“Enemies cannot see us being a developed and prosper country. However, We will complete the China-Pakistan Economic Corridor (CPEC) just like our nuclear program.”

Govt releases Rs 360 mln for CPEC ML-1 railway project

ISLAMABAD: The federal government has released Rs 360 million for preliminary design for up-gradation and rehabilitation of main line (ML-1) railway project and establishment of dry-port, near Havelian under Public Sector Development Program (PSDP) 2019-120.

The railway project is an important strategic part of China Pakistan Economic Corridor (CPEC) and the government had allocated Rs 1.8 billion for its preliminary design during the year 2019-20, according to latest data issued by the Planning Ministry.

News Pakistan

Sana Mehmood

Sana Mahmood studied Business and Finance from Karachi and writes on a number of subjects particularly activities in Bourse etc.