Author Topic: China-Pakistan Free Trade Agreement (CPFTA)  (Read 1214 times)

adroth

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China-Pakistan Free Trade Agreement (CPFTA)
« on: April 05, 2018, 07:22:41 AM »
Pakistanís duty concessions to China threaten local industry
Local manufacturers, who were not consulted on the plans, are up in arms as their government proposes major cuts to concessions on imports of Chinese goods
By F.M. SHAKIL MARCH 30, 2018 3:32 PM (UTC+8) 217 2

http://www.atimes.com/article/pakistans-duty-concessions-china-threaten-local-industry/

Pakistan has proposed unprecedented concessions on Chinese imports in the second leg of the China-Pakistan Free Trade Agreement (CPFTA), a move many say will cause immense damage to local industries.

The decision, the dealís many critics say, was taken without consulting key stakeholders and ignoring warnings from the revenue board.

Senior Pakistani and Chinese officials are now involved in consultations to arrive at a consensus on zero-rating import duties on an additional 6,000 tariff lines in the new phase of the CPFTA. Every item, whether itís raw material or finished goods, has a certain percentage of import duty imposed, which are called a tariff line. These are the items imported from abroad on payment of import duties.

Pakistan has already accorded duty remissions on more than 2,600 Chinese imports. The second-phase of the FTA is likely to be signed in the coming weeks. Prime Minister Shahid Khaqan Abbasi will announce the details of the FTA during his visit to Beijing next month.

A highly placed source in the ministry of commerce revealed to Asia Times that the Chinese government wanted Pakistan to waive 10% to 20% of the import duties on a wide variety of goods, including chemicals, consumers items, electronics goods, cosmetics, processed food, machinery, printing materials, construction and agricultural appliances, that adds up to a revenue impact of more than US$400 million.

< Edited >
« Last Edit: July 04, 2018, 04:56:55 PM by adroth »