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CHINA, PAKISTAN TO CUT BILATERAL TRADE TARIFFS.
BEIJING, July 2 Asia Pulse - China and Pakistan will start to cut or scrap tariffs on all products from July 1 to boost bilateral trade, said Wang Xinpei, spokesman of the Ministry of Commerce.
The two-phase step is in accordance with a free trade agreement (FTA) signed by the two countries last November, which aims to triple trade volume to US$15 billion in five years.
Under the agreement, both sides will, during Phase I, slash tariffs on 85 per cent of the products by different ranges in five years after the agreement is put into force, and eliminate tariffs on 36 per cent of the products in three years.
During this phase, China will largely reduce tariffs on livestock, aquatic products, vegetables, mineral products and textiles, while Pakistan will mainly reduce tariffs on beef and mutton, chemicals and machinery products.
In phase II, which starts from the sixth year ...
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Source: HighBeam Research, CHINA, PAKISTAN TO CUT BILATERAL TRADE TARIFFS.