- April 8, 2021
- Posted by: samdenis
Please contact our import tariff advice specialists: www.dezshira.com/services/business-intelligence-solutions The China-Pakistan Free Trade Agreement (CPFTA), concluded in 2006 and entered into force in July 2007, has been concluded. In September, the two countries conducted their eighth round of negotiations on the second phase of the free trade agreement, which broke through after two years of deadlock. Pakistan shared its list of 70 priority export interests and sought preferential market access, to which Chinese officials responded positively. The China-ASEAN Free Trade Agreement (CAFTA) is the first free trade agreement for foreign negotiations in China and the largest free trade area. CAFTA has strongly encouraged the long-term stable and rapid development of bilateral trade and economic relations. The Free Trade Agreement between China and Iceland came into force on 1 July 2014. Iceland is the first developed European country to recognize China as a complete market economy and the first European country to negotiate a free trade agreement with China. Afghanistan has bilateral agreements with the following countries and blocs: The total GDP of the signatories was $26.2 billion in 2019, or about 30% of global GDP. The agreement will cover nearly 28% of world trade. China is constantly laying the foundations for its ambitious One Belt, One Road (OBOR) programme. As this is a broad regional infrastructure and connectivity initiative, it is important to reduce trade barriers across the OBOR region. China is aware of this and is actively pursuing free trade agreements with all major stakeholders.
The statement by the Heads of State and Government states that the agreement demonstrates “our strong commitment to supporting economic recovery, inclusive development, job creation and strengthening regional supply chains, as well as our support for an open, rules-based open trade and investment agreement.” Under the agreement, almost 96% of products are subject to zero tariffs on customs number and almost 100% in terms of trade volume list of agreements between two states, two blocs or a bloc and one state. Under the free trade agreement, about 99.7% of Chinese exports to Switzerland will be zero tariffs and the free share of tariffs on Swiss exports to China is 84.2%. In July, Nepal`s Ministry of Commerce concluded that trade tensions with China, given the weakness of its production base, would harm its economic health. Chinese investment in Nepal is the key to progressing free trade negotiations – this would help develop Nepal`s production base, which would boost exports. In addition, it is interesting to note that China already supplies Nepal with duty-free facilities for 8,700 products; Due to the lack of production capacity in Nepal, this measure has not been used. An interactive list of bilateral and multilateral free trade instruments can be find on the TREND Analytics website.  Turkey has bilateral and multilateral agreements with: China has 11 free trade agreements in force, three of which are under negotiation and three more are being considered. Many of them are relatively small, although they are useful for companies in the countries that have them, Chile, Costa Rice, Iceland and Peru. The Pakistani agreement is often used in bilateral Sino-pak relations, which are obviously strong, with Pakistan being the main beneficiary of Chinese foreign investment in Southeast Asia, while China also has an interesting free trade agreement with Switzerland, signed in the middle of last year and expected to come into force later in 2014. In particular, Switzerland is not a member of the EU, although it is a member of the European Free Trade Association and has a bilateral agreement with the European Union. Switzerland is one of the few European countries to benefit from a trade surplus with China, and the agreement was China`s first with a continental nation.