Phase II of CPFTA to be finalised by October
Ambassador of China to Pakistan Mr. Yao Jing has said that pace of work on projects under China-Pakistan Economic Corridor (CPEC) is satisfactory.
He said that Phase II of China-Pakistan Free Trade Agreement (CPFTA) will be finalized in the coming month after which ninety percent of Pakistani exports including agricultural products and seafood will attract zero percent duty. Mr Yao Jing said that the market access will increase Pakistan’s exports by $500 million which will reduce the disparity between bilateral trade.
Talking to a delegation of Islamabad Women’s Chamber of Commerce and Industry (IWCCI) led by its founder President Samina Fazil, he said that China has planned to invest more and more in development projects in sectors like education, health, agriculture, irrigation, human resource development and poverty alleviation etc.
The Ambassador said that he appreciates the suggestions forwarded by IWCCI to boost bilateral trade and he would try to establish a close liaison between women’s associations of China with women entrepreneurs of Pakistan.
He said that Chinese businesswomen would be invited to participate in the fifth Islamabad Expo scheduled in November to explore the market and promote networking while the women entrepreneurs of Pakistan would be sent to China to participate in the expos and explore business opportunities.
Chinese are buying handicrafts from Balochistan and a high powered Chinese textile delegation is due shortly in Pakistan to explore vistas of cooperation, he added. At the occasion, Samina Fazil said that CPEC, one of the largest bilateral investment projects in the world has created seventy thousand direct jobs, reduced poverty, and triggered development for which we are thankful.