BEIJING: Second phase of China-Pakistan free trade agreement (CPFTA) will come into force later this week that is to eliminate tariffs on 313 most priority tariff lines of Pakistan’s export. The agreement is in line with the treatment China has given earlier to ASEAN’s countries. These 313 tariff lines cover over US$ 8.7 billion worth of Pakistan’s worldwide exports and US$ 64 billion worth of Chinese global imports. This will help to lessen Pakistan’s trade deficit and give support to its economy, reports China Economic Net. As was decided by the two sides, the date of the agreement’s implementation is December 1, 2019. Under the agreement, dollar 19 billion of Pakistan’s exports will be covered, which corresponds to US$ 1.6 trillion of the Chinese global imports. INP
