KARACHI: The Ministry of Commerce has decided to take traders into confidence before signing Free Trade Agreement-II (FTA-II) with China.
According to the details, on the directives of Prime Minister Nawaz Sharif the Commerce Ministry has planned to meet the leading industrialists, importers as well as traders of the country over the Free Trade Agreement II with China after the Ramazan.
The source informed that the government has finalized all the arrangements with regards to Free Trade Agreement with China as well as will start initiating the talks with the Chinese counterpart soon.
China has been demanding the withdrawal of customs duty over its ninety percent exports to Pakistan. The Pakistani industrialists, traders as well as importers showing its concern have already refused the government for accepting the Chinese demand to withdraw customs duty on its ninety percent exports.
Now on the directives of Prime Minister Muhammad Nawaz Sharif the Commerce Ministry will hold meetings and sessions with the traders, importers and industrialists to know their point of view regarding the Free Trade Agreement with China to allow or to refuse its all time tested friend over the withdrawal of customs duty over its ninety percent exports.
The source also informed that the officials of the Ministry of Commerce will also prepare a comprehensive report regarding the meeting with the traders, importers as well as industrialists. The prepared report will also be presented to the Prime Minister Muhammad Nawaz Sharif after which the government will decide the faith of the Free Trade Agreement II with China.
As per details during the overall trade between Pakistan and China worth Rs12.29 billion was held during the year 2014 and 2015. Whereas the trade agreement was signed in November 2006 and the article to hold free trade services was included in February 2009 between Pakistan and China.