Pak Industrialists Asked To Be Capable Of Harvesting Benefits From New Pak-China FTA

Advisor to the Prime Minister on Commerce, Textile,Industries and Production, Razzak Dawood on Thursday asked the industrial community of the country to best prepare themselves to reap the fruit of signing of the second phase of Free Trade Agreement (FTA) with China, which will be the great opportunity for Pakistan to boost the economy

KARACHI, (UrduPoint / Pakistan Point News - 18th Apr, 2019 ) :Advisor to the Prime Minister on Commerce, Textile,Industries and Production, Razzak Dawood on Thursday asked the industrial community of the country to best prepare themselves to reap the fruit of signing of the second phase of Free Trade Agreement (FTA) with China, which will be the great opportunity for Pakistan to boost the economy.

Speaking at an interactive session with leaders exporters and industrialists meant to brief about the developments on the Pak-China FTA at a local hotel, PM's Advisor informed that negotiations on the second phase of the FTA had been completed after holding 12 rounds since 2012; with three final rounds at the level of Secretaries of Commerce of both the countries.

The new FTA would be signed on April 28, 2019, which would be a big day for Pakistan as it had offered many concessions to Pakistani exports and had brought Pakistan at par with ASEAN member counties who enjoyed zero duty on wide range of tariff lines.

He said Pakistan business community in general had serious reservations on the first phase of FTA signed in 2006, which was implemented next year That is why, he continued, the negotiations on the second phase was initiated seven years back.

It was a big success for Pakistan to get many things reverse to its favour, which would pay in short and long run, he said.

He warned that the business community there was no free meal in the world and they would have to work hard to pursue their high targets of expansion, modernization diversification and maintaining the quality of their products at international standards.

"As the business community, it is your responsibility and task to work for industrialization and boost to exports," he asserted adding that the government could play a limited role on this account. The answer to all economic issues and for bringing socio-economic uplift in the country, simple answer was fast industrialization based on research and knowledge about the changing world, he said.

Razzak Dawood said that the Ministry of Commerce had worked on the next five-year commerce policy, which would soon be announced. And, he added, the industrial policy was also pipeline and due consultations were being made with the stakeholders.

He emphasized the need for the policies for leather, gems and jewelry, rice and other major export industries.

On this occasion, the participating businesspersons were given a detailed briefing about the salient features of the second phase of FTA with China.

Federal Secretary Commerce Sardar Ahmed Nawaz Sukhera was also present.