Pak-China Free Trade Agreement to be in effect soon: Ambassador Hashmi

BEIJING: Pakistan Ambassador to China Naghmana Alamgir Hashmi has informed that the Free Trade Agreement (FTA) signed between Pakistan and China would be in effect in the coming months.

In an exclusive interview to China Economic Net (CEN) on Friday, she said, “Actually, the free trade agreement will hopefully be implemented shortly because it’s going through the internal processes of being ratified. We hope that in the next few months, it will become operational.”

Ambassador Hashmi said, “On our sides, all the procedures have been completed. On the Chinese side, there are a few procedures which are left. So we think it is going to be sooner rather than later. We just need to wait a little more because governmental procedures have to take. But I think it will be very shortly very, very shortly.” In a comment on the increase seen in the export of Pakistan-made goods to China, she said that the prices are sure to drop due to ratifying of import duties.

“Secondly, we are just now in the process of completing the first phase of CPEC and the second phase of CPEC has now started, which is the establishment of special economic zones in the various parts of the country.

So with the establishment of these special economic zones and with the increasing number of agreements and cooperation in the agricultural sector, which is a priority both with President Xi and with Prime Minister Imran Khan, I think this is one area where there is huge potential of both investments, growth and then re-export of those value-added products to China,” she added.

Ambassador Hashmi also said that with the completion of CPEC and the establishment of roadways trade and transit will become easier and cheaper.