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China : Pak, China soon to hold FTA talks in Beijing |
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2006-9-5
Pakistan, China is scheduled to hold fourth round of negotiation on Free Trade Agreement (FTA) in Beijing later this month.
A senior official of the Chinese Commerce Ministry told APP that they were looking forward to expedite the negotiation process in order to complete it by the end of this year.
The FTA will be a major step forward expanding the scope of import-export between the two countries. The two sides were holding the talks, keeping in view the complementarily advantages in their industrial and trade structure, ensuring equal benefits.
According to the sources, the 3rd Round China-Pakistan FTA Negotiation made substantial progress in consultations on tariff reduction, and the two sides talked deeply about market access, trade relief and juristic issues in terms of goods trade and reached consensus on the draft text of agreement.
Deputy Director-General of Department of International Trade and Economic Affairs, Zhu Hong, who led his team during the talks, hoped that the two sides would finalise an acceptable arrangement, promoting mutually beneficially co-operative partnership.
Over past few years, China-Pakistan economic and trading relations developed quickly. In 2005, bilateral trade reached $4,26 billion, up by 39 percent compared with 2004.
Trade between China and Pakistan amounted to $1,018 billion in January through March this year, up by 42.3 percent compared with the same period last year.
By March 2006, contractual investment of China in Pakistan was $100 million, turnover of overseas projects was $6,9 billion. Pakistan invested $24,31 million in China in all.
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