First Trade Agreement Between Pakistan And China

In addition to our practices in India and Russia and in our commercial research centres along the Belt-Road initiative, we also have subsidiaries that support foreign investors in Vietnam, Indonesia, Singapore, the Philippines, Malaysia and Thailand. The CPEC refers to the Sino-Pakistan Economic Corridor, part of China`s Belt and Road initiative, an ambitious project linking Asia to Africa and Europe through land and sea networks to promote trade and stimulate economic growth. The architecture of the bilateral free trade agreement includes trade in goods and investment in the first phase, and the heads of state and government of both countries decided to negotiate trade in services in 2007 in order to broaden the scope of the free trade agreement. This round of review of the CPFTA expands and diversifies business opportunities for businesses on both sides while maintaining fair and equitable protection of local industrial interests. Phase I – Tariff Reduction China`s Term within five years of the agreement coming into force: China Briefing is written and produced by Dezan Shira – Associates. The practice supports foreign investors in China and has since 1992 by offices in Beijing, Tianjin, Dalian, Qingdao, Shanghai, Hangzhou, Ningbo, Suzhou, Guangzhou, Dongguan, Zhongshan, Shenzhen and Hong Kong. Please contact the support company in China at china@dezshira.com. The new phase will allow Pakistani producers and distributors to export approximately 313 new duty-free products to the Chinese market. This is in line with China`s free trade agreements with New Zealand, Peru, Costa Rica, Switzerland, Iceland, Singapore, Australia, South Korea, Georgia, Chile and Pakistan, as well as the Asia-Pacific trade agreement. In particular, the protocol introduces a new timetable for the abolition of tariffs in order to expand reciprocal market access, amend rules of origin and remedial measures provisions, and add a new chapter on customs cooperation.

Chinese President Hu Jintao and his Pakistani counterpart Pervez Musharraf on Friday monitored the signing of a free trade agreement between the two allies here in Islamabad on November 24, 2006. The document was signed by the trade ministers of both countries. Last year, Pakistan signed an agreement with China to use the Chinese currency for bilateral trade to get rid of the dollar`s burden on bilateral trade of $15 billion. The volume of trade resulting from an agreement between the two states amounted to $13 billion in 2013 and reached $20 billion in 2017, when the two countries signed 51 agreements and protocols for cooperation in various areas. [5] China had already made a significant contribution to Pakistani imports prior to the signing of the free trade agreement and improved considerably after the implementation of the free trade agreement in 2007.