ISLAMABAD, Aug 03 (APP): Minister for Law and Justice Zahid Hamid said that Pakistan and China are negotiating the second phase of Pak-China Free Trade Agreement.
On behalf of Commerce Minister, Zahid Hamid informed the Lower House on Wednesday that Pakistan has shared its concerns regarding adverse impact of cheap imports from China on the local industry.
He said both sides are working to find an amicable solution which adequately addresses the genuine concerns of both the countries.
To a question, the Minister expressed the hope that transit, bilateral and regional trade under China-Pakistan Economic Corridor will increase in future which will have a positive impact on Pakistan’s economy.
Answering a question, Zahid Hamid said that Pakistan’s exports to UK have increased by about forty percent since 2013.
He said as UK negotiates its withdrawal from EU, GSP Plus facility in UK is likely to remain available for Pakistani exporters for another two years.
He pointed out that UK is a leading trade partner of Pakistan and Pak-UK bilateral trade stood at 2.06 billion Euros in 2015. He said Pakistan is also in the process of negotiating a Free Trade Agreement with UK to enhance bilateral trade.