Eighth China-Pakistan Free Trade Agreement conference commences in Beijing

BEIJING: The eighth round of China-Pakistan Free Trade Agreement negotiations (second phase) started in Beijing on September 14. The Pakistani delegation is headed by Mohammad Younus Dagha, Secretary, Ministry of Commerce, while the Chinese side is led by Vice Minister Wang Shouwen, Ministry of Commerce, China. The Chinese delegation consists of representatives of seven government ministries and departments. Ambassador of Pakistan to China Masood Khalid was also present on the occasion.

Welcoming the guests, the vice minister expressed his desire to further strengthen economic and trade cooperation between the two countries, saying China is now the largest trading partner of Pakistan.

He said that after the conclusion and implementation of the China-Pakistan Free Trade Agreement (CPFTA) Pakistan will be able to expand its exports to China as the domestic consumption demand of China, with a population of 1.3 billion, is expanding exponentially.

In his opening remarks, Dagha said that the current volume of trade between Pakistan and China of US$16 billion is a testimony to the ever growing economic co-operation. The Secretary Commerce stated that the benefits of CPEC and CPFTA shall be shared equitably by the two countries and should be a win-win proposition for both sides. He stressed the need for addressing growing trade imbalance and visa facilitation for Pakistani businessmen visiting China.

The first phase of CPFTA was signed in 2006 and became operational the following year. Major areas under discussion during the 8th CPFTA are trade in goods, trade in services and investment opportunities.