China, Pakistan Agree to Amended FTA
An amended free trade agreement between China and Pakistan took effect Dec. 1, rewriting rules on market access, tariff reduction schedules and more in an effort to increase trade, China’s Ministry of Commerce said Dec. 1, according to an unofficial…
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translation. China hopes the new deal deepens “bilateral economic and trade cooperation” through measures aimed at revamping provisions such as trade remedies and customs cooperation. The deal will “gradually increase” the number of goods that face no tariffs from 35 percent to 75 percent, China said, and both nations will “implement a 20% reduction in taxes on other products that account for 5% of their respective tax items.” China said the changes will be implemented “as soon as possible” after “necessary domestic procedures” are finished.