The CPEC refers to the Sino-Pakistan Economic Corridor, part of China`s Belt and Road initiative, an ambitious project linking Asia to Africa and Europe through land and sea networks to promote trade and stimulate economic growth. Pakistan already has zero tariffs on the export of 724 products to China under the first free trade pact signed between the two countries in 2006. After the implementation of the second pact, Pakistan was allowed to export more than 1,000 products to China without tariffs. „I congratulate China on the implementation of the second phase of the free trade agreement, which will improve bilateral trade and facilitate the export of its products to the Chinese market without tariffs for Pakistani traders,“ Said Firdous Ashiq Awan, the Prime Minister`s Special Assistant for Information and Radio, on Twitter. In addition to our practices in India and Russia and in our commercial research centres along the Belt-Road initiative, we also have subsidiaries that support foreign investors in Vietnam, Indonesia, Singapore, the Philippines, Malaysia and Thailand. It describes the bilateral and multilateral trade agreements to which that country belongs, including with the United States. Includes websites and other resources that allow U.S. companies to get more information about how they can use these agreements. This round of review of the CPFTA expands and diversifies business opportunities for businesses on both sides while maintaining fair and equitable protection of local industrial interests. In the 2017-18 fiscal year, the volume of trade between China and Pakistan amounted to $13.2 billion, or 16.4% of Pakistan`s trade volume. In particular, the protocol introduces a new timetable for the abolition of tariffs in order to expand reciprocal market access, amend rules of origin and remedial measures provisions, and add a new chapter on customs cooperation.
The new phase will allow Pakistani producers and distributors to export approximately 313 new duty-free products to the Chinese market. Last year, Pakistan signed an agreement with China to use the Chinese currency for bilateral trade to get rid of the dollar`s burden on bilateral trade of $15 billion. Pakistan and the United States began negotiations on a bilateral investment agreement (ILO) in 2004 and concluded the text in 2012, but the agreement was not signed due to reservations from Pakistani stakeholders. Pakistan has bilateral investment agreements with Australia, Azerbaijan, Mauritius, Bahrain, Bangladesh, Morocco, Belarus, Netherlands, Netherlands, Belgo-Luxembourg Economic Union, Oman, Portugal, Bulgaria, Qatar, Cambodia, Czech Republic, Romania, China, Singapore, Czech Republic, Czech Republic, Denmark, Spain, Egypt, Sri Lanka, France, Sweden, Germany, Switzerland, Indonesia, Syria, Iran, Tajikistan, Italy, Tunisia, Japan, Turkey, Kazakhstan, Turkmenistan, Kuwait, U.E., , United Kingdom, Lebanon