China refuses concessions to Pakistan
According to sources in the ministry of commerce, Islamabad had proposed concessions to China in order to minimise the huge trade deficit.
China has refused to grant trade concessions on almost 268 export products to Pakistan. According to sources in the ministry of commerce, Islamabad had proposed concessions to China in order to minimise the huge trade deficit. But China said that such concessions could only be given to the Least Developed Countries.
Sources said that following China’s denial, Pakistan asked Beijing to accommodate over 250 products from Pakistan in the Free Trade Agreement (FTA). Pakistan is looking to rationalise the bilateral trade, which, currently, is in favour of China.
Products proposed by Pakistan mostly include fish products, milk and dairy products, vegetables, fruits (both fresh and dried), paper and those textile items which the country does not import from Pakistan. It also includes items which China generally imports from ASEAN countries.