KARACHI: President FPCCI Ghanzanfar Bilour and Senior Vice President Syed Mazhar Ali Nasir have expressed their gratitude to Federal Commerce and Textile Minister Muhammad Pervaiz Malik and Prime Minister's Advisor on Revenue Senator Haroon Akhtar Khan for deferring finalization of second phase of China-Pakistan Free Trade Agreement (CPFTA-II).
The non-signing of CPFTA-II has been welcomed by trade and industry sectors of the country, a statement issued by Federation of Pakistan Chambers of Commerce and Industry said here on Wednesday. FPCCI leaders elaborated that Pakistan was a developing country and its industrial base was very thin as compared to China.
Therefore, it was need of the hour to protect domestic industry which was already suffering from many problems including the high cost of production and doing business.
They maintained that since signing of first FTA with China in November 2006, Pakistan trade balance with the latter had big jump in favour of China. The bilateral trade increased to dollars 19 billion in fiscal year 2015-16.
The imports from China figured $16.5 billion and export to China was only $2.5 billion showing a trade deficit of $14 billion. It was almost half of Pakistan's total trade deficit of $16.7 billion.
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