Islamabad: The federal cabinet on Tuesday approved a draft of the second free trade agreement (FTA-II) between Pakistan and China, a news source reported.
Officials from the two countries are expected to sign an agreement to this effect on April 28, during Prime Minister Imran Khan’s three-day visit to China. The premier would also attend the second Belt & Road Forum as a guest of honour.
China recently agreed to extend duty-free access on an additional 313 tariff lines to Pakistan under FTA-II. Previous discussions between the officials also yielded an agreement by Beijing to extend unilateral market access to hundreds of Pakistani products.
Islamabad anticipates the volume of exports to register a growth of USD 6 billion following the implementation of the said trade accord. China has already announced to lend a special quota worth USD 1 billion to Pakistan for the export of wheat, onion, potato, and cherry.
Moreover, Adviser to the PM on Commerce Abdul Razak Dawood said that over 450 Pakistani businessmen will visit China to explore further investment opportunities.
