Pakistan secures $ 1Bn duty-free access into China

Pakistan has managed to secure $ 1Bn worth of duty-free market access into China which will double the country’s exports within 1 year, according to the Advisor to PM on Commerce Abdul Razak Dawood. China has agreed to increase its imports from Pakistan to $ 2.2Bn by end of FY19 from the existing level of $ 1.2Bn and to $ 3.2Bn by end of FY18, said Dawood while addressing a press briefing. Beijing has offered this facility in response to Pakistan’s request for duty-free status that ASEAN Asian Nations as well as Bangladesh is entitled to. He also announced further liberalizing Pakistan’s trade policy, saying drafts of tariff and trade policies are ready for the PM’s approval. He added that now the challenge is to find out what goods could be exported to China and the relevant authorities from both sides will decide how much textile, leather, agricultural, surgical and light engineering goods could be exported to fully utilize the facility.