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China-Pakistan FTA Phase-II: Reduced Tariffs, New Safeguard Measures

Updated:2020-1-10 16:28:21    Source:www.iouonegalaxy.comViews:112

On December 1, 2019, the Protocol to Amend the Free Trade Agreement between China and Pakistan entered into force, making substantial revisions to the China-Pakistan Free Trade Agreement (CPFTA) first signed in November 2006. (The full text of the protocol can be found here in English and here in Chinese).

The Amending Protocol, also know as Phase- II of the CPFTA, intends to enhance business relationship between China and Pakistan through increasing setting free in trading goods, safeguarding mechanisms.

Most important, the Protocol implies a new tariff policy to promote bilateral customs cooperation.

Reduced tariffs, wider market access

China has agreed to commit zero tariffs on over 300 major exports items from Pakistan – effective form now. These major exports items include frozen meat and seafood, dries fruit, chemicals, plastics, oil seeds, construction material, equipment, and machinery, leather, auto parts, home appliances, and machinery, among others. (see full list here.)

Clear Protected tariff lines

In addition to the reduced tariffs, 25 percent of the tariff lines (that is, 1,760 items) have been placed on the protected list.

The industries benefiting from the protected list are: textiles and clothing, iron and steel, auto, electrical equipment, agriculture, chemicals, plastics, rubber, paper and paper board, ceramics, glass and glassware, surgical instruments, footwear, leather, wood, articles of stones and plaster, and miscellaneous goods.

Finally, the Protocol also revises the safeguard measures within the CPFTA to strengthen the protection of domestic industries.

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