Negotiation lies on understanding when the both parties are on the same page, Pakistan has a great potential for the fact that China will not take any risk to make things go complicated. The move is aimed at overcoming the trade imbalance between Pakistan and China.
Islamabad: Pakistan will try to convince Chinese authorities to revise the existing free trade agreement (FTA) on the less-than-equal reciprocity principle, Commerce Minister Pervaiz Malik addressed on Friday.
“We will demand an early-harvest program in the existing FTA that will cover 100 items of Pakistan’s export interest,” Mr. Malik said.
This is going to be eighth round of negotiation on the 2nd phase of trade pact to begin next week whereas negotiation teams explained the minister about the trade agreements with China and Thailand. The minister of Pakistan will pull China to invest in the harvest program, Thailand is not accepting the agreements and other authorities poked the news that Pakistan may not sign the second phase of the FTA as it fears that the move will further increase imports from China. Authorities in Beijing are not willing to accept Islamabad’s demand for the rallying of the favored treatment for exportable products under the FTA clause, the official added.
Pakistan’s measure exports to China were the raw material and textile based intermediate products, such as cotton yarn, woven fabric, gray fabric etc, Pakistan has a great value of exporting fabric qualities for other countries. Value-added products were missing despite the fact that some of these products, like garments, were included in the concessionary jurisdiction.
On the FTA with Thailand, the minister said it was still in the early stage. However, he said interests of local industries will be protected under the proposed FTA. Thailand demands market access for the auto sector and rice. Pakistan wonder ship will float somewhere under the better conclusion.