Pakistan and China to implement new trade tariff concessions

Ministry of Commerce has announced that the tariff concessions under Phase-II of the CPFTA will be implemented between the governments of Pakistan and China from 1st January 2020. As per the agreement, the CPFTA-II will immediately eliminate the tariff on 313 tariff lines of Pakistan’s export interest covering  $8.7 billion worth of Pakistan’s global export and $64 billion of Chinese global imports.

This will result in 75 percent of total trade liberalisation for Pakistan in terms of tariff lines and 92 percent in terms of trade volume. The duty exemptions are not limited to textile goods, it also includes leather, engineering, chemicals, furniture etc. Pakistan will reduce the duty to zero on 75% of total tariff lines in 15 years, while China will do the same in 10 years.

Source: Pro Pakistani