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Pakistan, China negotiating on phase-II of FTA: Chinese diplomat

Press Trust of India  |  Islamabad 

and are negotiating the terms of the second phase of their free to increase trade and provide opportunity for their businesses, a senior Chinese has said.

and have held around 10 rounds of talks to iron out differences over the terms of the phase-II of the China-Free Both the country had signed a major free in 2006, which came into effect in July 2007.

"has huge potential market for international investors and its strategic location gives more comparative advantages to other trading partners. Pakistan and are negotiating on phase-II of the Agreement (FTA) to increase trade and provide opportunity in their markets," Economic and of Chinese Embassy, said.

Meawhile, Pakistan and have signed eight memorandum of understanding (MoU) worth USD 100 million for mutual investment in steel, seafood, agriculture and pharmaceutical sectors, said on Wednesday.

The MoUs, for mutual investment and joint ventures to expedite the trade and business between both the nations, were signed by 14 private companies from both the countries at the Pakistan-China Trade Cooperation Projects event, organised by the (TDAP) and the China, the state-run reported.

Wang said Pakistan is a friendly country and China believes in peaceful co-existence and cooperation for shared property.

"Since the diplomatic relations started between Pakistan and China, the cooperation between both the sides has increased in defence, technology, agriculture, leather and chemicals sectors," Wang was quoted as saying by The Nation newspaper.

The said in the recent years, the China-Pakistan Economic Corridor (CPEC), under the 'One Belt One Road (OBOR)' initiative, has given a new height to the mutual relation and cooperation between two friendly nations.

Pakistan's Additional Secretary, and Textile, Syed Tariq Huda, said that Chinese investment in Pakistan has given positive impact to the country's local market.

"We have USD 60 billion Chinese investment in CPEC which includes development projects in Gwadar," he added.

Huda said that the OBOR initiatives also give vision for inclusions and welfare of all region.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, October 10 2018. 15:30 IST