LAHORE: The second phase of a free trade agreement (FTA) with China would be implemented from December 1 and Pakistan’s exports would rise by $500 million in the first year, said Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood. He was speaking to the media after the signing of an agreement between Pakistan’s Service Tyre Industries Limited and China’s Chaoyang Long March Tyre Company on Monday. He termed it a good omen that Pakistani and Chinese companies were joining hands for tyre manufacturing. He elaborated that phase-I of the $250-million project would begin with investment of $100 million in the SITE area of Sindh, for which land had already been acquired and work on the plant’s design had been initiated. The adviser revealed that 70% of the tyres manufactured by the joint venture would be exported and the remaining 30% would be supplied to the domestic market. Replying to a question about shortage of tomatoes, he emphasised that a similar crisis occurred every year, which pushed up prices of tomatoes.
Published in The Express Tribune, November 19th, 2019.