Islamabad: The second phase of the Free Trade Agreement (FTA) signed between Pakistan and China is expected to take effect from January 1, 2020, onwards – a news source reported. The said FTA would eliminate duty on Pakistan’s 313 exportable items.
The officials concerned revealed this information during the National Assembly (NA) session held on Wednesday. Parliamentary Secretary for Textile Aliya Hamza informed the session that the FTA’s second phase reached conclusion on April 9, 2019, following 11 rounds of negotiations.
The second phase had increased Pakistan’s protected list of items from 10% to 25%. It would also establish an ‘Electronic Data Exchange System’ for curbing under-invoicing and misdeclaration.
Hamza also informed the NA that exports were on the rise. She stated that within the latest quarter, exports had increased by 4%. She added that exports increased by 14% on a monthly basis.
Meanwhile, Minister of State for Parliamentary Affairs Ali Muhammad Khan Informed the session that the Pakistan Atomic Energy Commission (PAEC) had introduced different welfare activities in Karachi.
