The second phase of free trade agreement (FTA) between Pakistan and China is expected to be signed next month after the 11th round of negotiations on FTA were held recently in Islamabad. China has reportedly agreed to offer unilateral market access and concession of 313 tariff lines under the FTA to Pakistan for enhancing export of the latter.
China also agreed to give additional market access worth $1 billion to Pakistan, a Pakistani news agency reported quoting a top unnamed official of the commerce and textile ministry.
He said Pakistan’s exports with China ranged between $140 million to $170 million a month.
The ministry has also set target for export of $300 million per month in the next three years, he said.
Pakistan’s annual exports to China are worth $1.5 billion which could go up to $2.10 billion and then to $3.2 billion, the official said.
In the first phase, Pakistan gave concessions on 5,686 tariff lines to China, while China offered concessions on 6,418 tariff lines.