QUETTA: Quetta Chamber of Commerce and Industry (QCCI) President Haji Jumma Khan Badezai on Thursday said tax-free import of Chinese products would open new business opportunities for the province’s traders.
He was speaking while receiving a list of 313 tax-free Chinese products that could be imported through the Chinese Amen Logistic Company.
“When the chairman of the Chinese Admen Logistic Company visited the QCCI office we requested him to provide us with a list of tax-free Chinese products that could be imported,” he said.
“Local traders now have access to Chinese markets for the next three years,” he added.
“By importing tax-free products from China, our economy will strengthen.”
QCCI member Shah Jahan Kakar said for the first time Pakistani traders would receive a pavilion in China’s trade city of Youo where they would display local products.
“This opportunity will allow us to highlight our products at an international level,” he added.
China had granted duty-free access for export of 313 goods under the second phase of the China-Pakistan free trade agreement. This is expected to help increase exports by tapping Pakistan’s potential in agriculture, textile, food, minerals, engineering, and other sectors.
Pakistan will have access to rice, textile and leather products to the Chinese market. In many cases, the tariffs have been significantly reduced in Pakistan.
Since the conclusion of a free trade agreement (FTA) with China – signed in 2006 and became operational in 2007, Pakistan’s imports have gone up at a gallop. As per Pakistan Bureau of Statistics (PBS) data, in 2006-07, last pre-FTA implementation year, Pakistan’s imports from China were $3.52 billion, which accounted for 11.52% of total global imports of $30.54 billion. At the close of 2017-18, Pakistan’s imports from China had gone up to $15.74 billion, which accounted for 25.89% of total global imports of $60.79 billion.
Published in The Express Tribune, September 20th, 2019.