Home Pakistan News FTA Pak-China will be signed on April 28: Chinese Envoy

FTA Pak-China will be signed on April 28: Chinese Envoy

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During an upcoming visit to China, Prime Minister Imran Khan will hold meetings with Chinese leaders to discuss interventions in China Economic Corridor Pakistan (CPEC), as well as local and international affairs, says Chinese ambassador to Pakistan, Yao Jing, on Monday.

He held a press conference at the Chinese Embassy in the forthcoming Second Belt and Road Forum, in Beijing, 25-27 April, saying the FTA eventually ended after eight years of negotiations and ministers would sign it. the two countries
The ambassador said world leaders, including heads of state / government of 37 countries, would attend the summit summit forum, but that Pakistan was an important partner of the Belt and Road (BRI) Initiative was the most important of all.

FTA Pak-China will be signed on April 28: Chinese Envoy

FTA Pak-China will be signed on April 28: Chinese Envoy
FTA Pak-China will be signed on April 28: Chinese Envoy

“The prime minister and president of China are waiting for the visit of Prime Minister Imran Khan to China, where he will also hold bilateral meetings with Chinese leaders to reach more consensus on bilateral trade relations,” he added.

Under FTA Phase II, China said China would provide access to 90% of Pakistani commodities at a zero rate, while Pakistan would give China’s market access to 65% of the tariff lines.
The Chinese envoy pointed out that China wanted a more prosperous and developed Pakistan, because China could not sustain its development without sustainable development in neighboring countries.

He said that under the industrial cooperation of CPEC, the first Special Economic Zone (EES) in Rashakai was inaugurated during the month, where initially 20 factories would be established and ensured that employment in SEZs for the local population would be granted and latest technology will be transferred from China to Pakistan.

Co-operation in the industrial and social sectors will be the main focus of the second phase of the VPEC, he added.

FTA Pak-China will be signed on April 28: Chinese Envoy
FTA Pak-China will be signed on April 28: Chinese Envoy

“There are six areas in the social sector, including education, health, agriculture, water, irrigation and poverty alleviation, in which about 26 new projects will start in Pakistan,” he said.

He also invited neighboring countries to be part of the mega project, as it was not only beneficial for China and Pakistan, but also for the whole region.

On a question, Jing said that 11 of the 22 projects had already been completed, while work on the rest had gone fast.

In total, China invested $ 19 billion in all projects, borrowed $ 13 billion on commercial loans and $ 6 billion on a dedicated loan that the Pakistani government will pay in 25-30 years.

The ambassador said that two model towns in Pakistan under the social sector of the CPEC will be built to raise the standard of living of low-income segments of society.

He said China was basically an agricultural country and started resettling the agricultural sector. Now it will help Pakistan to revolutionize its agricultural sector by linking it with the latest technology.

Regarding the multi-million dollar rail line ML1 project, the envoy said that as the technical aspects were finalized, the project would soon begin.

The Chinese envoy said the two parties were working on their financial model. Many options of the financial model are being considered, including construction transfer (BOT), loans and own resource financing, he added.

Regarding the investment in Gilgit-Baltistan, Yao Jing said China was keen to improve and develop tourist sites in the area to facilitate local and foreign tourists.

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