v. Electronic data exchange: in order to avoid misrepresentation and imputation of imports from China, an electronic data exchange system has been implemented for trade under the free trade agreement The agreement contains articles relating to the creation of a free trade area, objectives, links with other agreements, the application of this agreement , definitions, scope and coverage. , national treatment, removal of tariffs, paratarifs and non-tariff barriers, rules of origin, trade defence measures, protection measures, health and plant health measures, TBTs, investments, dispute resolution, amendments, annexes, etc. Chinese President Hu Jintao and his Pakistani counterpart Pervez Musharraf on Friday monitored the signing of a free trade agreement between the two allies here in Islamabad on November 24, 2006. The document was signed by the trade ministers of both countries. Phase I – Reduction of China`s tariffs within five years of the entry into force of this agreement: 3. Among the main features of the Phase II agreement are, among other things, Annex “I” refers to the removal of import duties. It consists of two phases: c. MBS can be requested for 3 years and can be extended to an additional 2 years.
China has not granted this to any other country. The previous pooling program between the two countries, which came into force on 1 January 2006, has been merged into a bilateral free trade agreement. Throughout the package, Pakistan will have a zero right for market access for industrial alcohols, cotton fabrics, bed linen and other interior textiles, marble and other tiles, leather goods, sporting goods, mangoes, citrus fruits and other fruits and vegetables; Steel and mechanical products. China will also reduce its tariffs on the fishing and milk sectors by 50%; Frozen orange juice; Plastic products Rubber products Leather products knitting products Woven clothing, etc. a. During Phase I, the GMS was limited to the absolute increase in imports, but it can also be used for the relative increase in imports. iii. Safeguard measures: Safeguards (GMS) are invoked to temporarily limit imports of a product that causes harm or threatens to harm domestic industry. The existing MBS in the CPFTA was not sufficient to address the sector`s concerns and is outdated, as they could only be invoked during the transitional period, namely: