Pakistan, China to enter FTA Phase-II next year

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Pakistan and China will enter Free Trade Agreement (FTA) Phase-II next year to enhance mutual trade and export, informed sources told Business Recorder. The FTA between Pakistan and China is going to be concluded at the end of 2012 where both the countries have succeeded in achieving most of the commitments including bringing down tariff for different products, sources in the Textile Ministry said on Wednesday. Commerce and Textile Ministry has already initiated work to prepare agenda and future plan for post Phase-I of the FTA. In this regard a meeting was held in the Ministry of Textile Industry here on Wednesday, chaired by the Secretary Textile Ministry. All textile industry stakeholders participated in the meeting where the post Phase-I FTA scenario was discussed to evaluate future plan. It was further discussed that which items should be included in sensitive list while others to be allowed under the FTA. Sources revealed that both the countries have the commitment that 90 percent products would be brought on zero-tariff by the end of Phase-II. Currently, Pakistan has only allowed yarn while China has protected garments; however it was deliberated upon that how many items would be allowed while getting market for garments. However, it is yet to be decided, when the Phase-II would be implemented. Pakistan is also going to organize an international conference & exhibition “Pakistan Textiles” next year in Lahore. During the meeting matters related to the conference were discussed with all stakeholders. Textile Ministry in collaboration with the Commerce Ministry will organize the international conference while it will be sponsored by the Export Development Fund (EDF), sources maintained. During the meeting budget allocation and other aspects were discussed. Ministry of Textiles plans to organize this three-day event involving textile manufacturers, importers and exporters, where delegation from all the major textile markets may be invited for participation. This event would help our exporters to find new opportunities to enhance their exports but most importantly, this event would help promote Pakistan as a safe place for business. This event will include the following activities: Textile products exhibition, seminar on joint ventures/investment in textile sector, conference on value addition and innovation in textiles, cotton conference, promotion of local brands through exhibition and fashion shows. Ministry of Textile Industry sets to achieve following objectives by holding abovementioned event, building image of Pakistan as a business friendly destination, facilitation of textile exporters, export and product diversification, technology up-gradation, promotion of value added textile related higher education, creating linkage between academia, promotion of local brands (garments & home textiles) and industry and promotion of domestic commerce. Share on facebookShare on twitterShare on bloggerShare on stumbleuponShare on deliciousShare on facebook_like