Islamabad: A comprehensive safeguard mechanism has been put in place for the second phase of the China-Pakistan Free Trade Agreement (CPFTA-II)), according to a news source. This FTA will be signed in Beijing on April 28, and will protect the local industries of Pakistan, said Adviser to Prime Minister on Commerce, Textile, and Industry Abdul Razak Dawood.
Under CPFTA-II, a list of 1,700 ‘sensitive’ items has been provided – aimed at protecting local industries. Dawood stated that the hallmarks of this agreement were to provide local businesses with export access to the Chinese market and import protection.
He also remarked that these mechanisms could be used to ‘save’ any industry damaged by the FTA, and to counter any problems in the balance of payments.
After the CPFTA-II has been signed, Pakistan’s exports to China are expected to increase by over USD 500 million. This development would also allow Pakistan to get market access at par with the Association of East Asian Nations (ASEAN).
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