China allows Pakistan to export 92 pc duty free items
China pakistan export
Pakistan will export 313 duty free items to China under Pak-China independent trade agreement from Jan 1st.
This agreement would be applicable from New Year under which 313 duty free items of 8.7 billion dollar would be exported to China.
To impose no duty of any type upon the more than 313 Pakistani items will directly benefit the economy of Pakistan.
According to trade ministry of Pakistan, Pakistan will start export duty free items to China from Jan 2020.
Pakistani items that have been given duty free access, in those international imports of China is 64 billion dollar.
According to trade ministry of Pakistan in Chinese markets, Pakistan will attain the privileges equal to the Association of Southeast Asian Nations (ASEAN) countries.
Under trade agreement II, tariff privileges will be applicable from Jan, 1ST 2020.
Privileges will be applicable bilaterally upon items.
Due to this agreement a huge loss would be caused to India because China imports 30 percent of its cotton needs from India but now Pakistan will do this.
This agreement was signed in 2006, and upon first phase, work was initiated in July 2007 while on second phase work was started in 2011 that has been completed now.
Under this new import agreement with China, exports of Pakistan would also be increased besides increasing industrial production potential and creating new job opportunities.
