The incumbent government is endeavoring to explore immense business opportunities for the exporters and “China Pakistan Free Trade Agreement, Phase-II” has been materialized in connection with the efforts to enhance the exports of the country.
Adviser to the Prime Minister on Commerce and Textile Mr. Abdul Razzak Dawood stated this while addressing the participants of a seminar on business opportunities under China-Pakistan Free Trade Agreement held at Expo Center, Lahore today. The Adviser apprised the participants that China has agreed to grant Pakistan immediate liberalization on 313 tariff lines which constitute USD 64 billion of China’s total exports. “If Pakistan is successful in capturing even 10 percent of this market share, our exports to China could straight away increase by $ 6 billion.” Adviser asserted and urged the business community to exercise their potential in penetrating the Chinese market.
The Adviser further stated that we have to pursue import substitution to protect our local industry. The first phase of Pak-China FTA lacked proper safeguard measures and now on our request, the Chinese authorities have incorporated those measures in the second phase.
Secretary Commerce Sardar Ahmad Nawaz Sukhera while addressing the participants said that the government is committed to promoting ease of doing business and reducing the cost of doing business for businesses to help accelerate the pace of exports and stated further that the Ministry of Commerce is committed to addressing all business and export related issues.
A large number of business community from Lahore, Faisalabad, Gujranwala, Gujrat and Sialkot chambers and trade Associations participated in the seminar and declared the event to be greatly helpful in providing much needed insight and awareness regarding the business opportunities arising as a result of CPFTA.