The Assistant Chairman, China Council for Promotion of International Trade (CCPIT), Wang Jinzhen has urged Pakistan's business community to fully utilise the benefits of Early Harvest Program (EHP) treaty with China.
Speaking at a meeting of Karachi Chamber of Commerce and Industry (KCCI), he said that under the treaty, duties on several items have been reduced and now Pakistan's business community has an excellent opportunity to penetrate in Chinese market.
He said that under EHP, duties on several items would be further slashed to zero by January 2008.
He said that EHP agreement, followed by bilateral talks held between the commerce ministers of the two sides and conclusion of the second round of negotiations on Free Trade Agreement (FTA), has made Pakistan the first country with which China would have free trade arrangement under the EHP.
Regarding Chinese imports, he said that China's total imports are around 3 trillion dollars per annum, and urged business community of Pakistan to grab some significant portion of Chinese imports.
He pointed out that under the agreement Pakistan has good chances to export vegetables, rice, and mangoes, cotton and cotton products, surgical and sports goods to China on reduced duty.
Wang Jinzhen said that Pakistan and China have political, trade and economic relations for last 57 years but the trade volume does not reflect the same. Referring to low volume of trade, he said that biggest problem in the way of trade is communication gap and little knowledge of each other's products.
He emphasised the need of frequent exchanges of delegations, and invited the business community to hold more Pakistan's exhibitions in China. This is the best way to introduce Pak products in Chinese market, he added.
He said that China has made around 3000 changes in laws and made some new laws to attract foreign investors and to open up its economy.
Wang Jinzhen said that China has also opened out its financial sector and new foreign banks can open their branches in China.
He said that China is going to invest huge amounts in poverty reduction and improving quality of life in rural areas. China also is going to improve its local market.
Welcoming the guests, KCCI President Haroon Farooki said that Pakistan and China have inked a number of treaties, agreements and MoUs for strengthening ties in economics, technology co-operation, energy co-operation, defence and diplomatic fields.
He said for the furtherance of trade relations, the preferential trade agreement and agreement of enforce Early Harvest Program reducing tariff on a number of industrial and agricultural products from January 2006 are of significant importance.
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