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PTA With China To Benefit Textile Made-Ups Sector |
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2003-11-10
The preferential trade agreement (PTA) signed with China will benefit textile made-ups sector of Pakistan and will boost the exports in this sector, said Humayun Akhtar Khan, the federal commerce minister.
The PTA was signed during the recent China visit of President General Pervez Musharraf, where many agreements were signed to boost trade, investment and joint ventures between the two countries.
“In textile made-ups, China has given tariff concessions ranging from 25 percent to 30 percent in almost every category of the textile made ups,” Mr Khan said.
The minister said that on average the mutual tariff concession out of the fresh agreement with China would be 27 percent.
“India had also signed a trade agreement with China but it was under the famous ‘Bangkok Agreement’ and it was a matter of concern for, Pakistan but now what we have got from China is much better,” Mr Khan said.
China has offered Pakistan concessions on about 777 items whereas for India it was only 217 items. Similarly Pakistan has offered 192 items whereas India had to give China concessions on 210 items.
“We believe that it is a win-win situation for both China and Pakistan and it is hoped that this agreement would pave way for a free trade agreement (FTA) between the two countries,” he said. Mr Khan said that the agreement signed had the provisions of expanding the coverage, if required, to more items in future and it also provides that more tariff concessions can be introduced and ultimately translates this agreement into FTA.
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