Pakistan and China are likely to make a major headway in promoting the economic ties during Premier Wen Jiabao's visit to Islamabad early April. The two sides will sign a formal agreement, giving boost to their bilateral co-operation in the economic sector, said an official of the Chinese Commerce Ministry here while talking to APP. According to sources, the two sides would hold formal negotiations on the establishment of Free Trade Area (FTA).
A summary regarding the FTA has already been agreed upon comprising items that would get duty facilitation ahead of the FTA.
The study would be completed by the end of this month and the negotiations for FTA would be commenced, sources said adding, by the completion of the study an Early Harvest Programme would also be put in place to be implemented by the end of the year.
Pakistan and China want finalisation of an early harvest programme to finally sign a Free Trade Agreement (FTA) between the two countries, said a Pakistani official.
Two sides are actively pursuing various options, including a list of items to be traded zero-rated duty under the Early Harvest Programme, promotion of bilateral trade in border areas, expanded investment co-operation and facilitating export of Pakistani rice, fruits and vegetables to China.
Pakistan hopes it would succeed in further expanding its economic ties with China. Signing of the FTA and attracting Chinese investment in major infrastructure projects, like Thar Coal, expansion of Gwadar port could be part of the agenda.
The Early Harvest Programme would serve as foundation stone towards conclusion of the Free Trade Agreement.
A formal protocol would be signed during the Premier's visit paving way for export of Pakistani rice and orange to China. The export of the food items is likely to be a breakthrough in trading food items between the two countries.
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