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Pakistan, China to set up free trade area (FTA)

Pakistan, China to set up free trade area (FTA)

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Published by: Muhammad Yasir Saleem on Sep 28, 2009
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09/23/2010

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Pakistan, China to set up free trade area (FTA)
INTRODUCTION:-
China and Pakistan are poised to widen the silk road between them by building afree trade area (FTA). For Pakistanis, it is mainly a "cotton road.''Currently, 70 per cent of Pakistani exports to China are cotton yarn and cottonfabric. And currently the total exports to China from Pakistan is 39.95%However, the country is also keen to promote its other products ranging frommangoes to footballs.A protocol was signed for the talks on the establishment of an FTA between thetwo nations, currently with an annual trade volume of around US$2.5 billion.The difference between Chinese and Pakistani goods in bilateral trade is relatively big and the number of their competing goods is relatively small. China’s mainshipments to Pakistan include machinery equipment, chemicals, electronics andfootwear.
 
Chinese companies already account for an important part of foreigninvestment in Pakistan. About 500 foreign companies are now operating inPakistan, 60 of which are Chinese. Many of these companies are operating in the public utilities and infrastructure sectors, such as mining, telecommunication andenergy.At present age Pakistan has a lot of resources which has been remainedunexploited due to the several factors/reasons and one would be the cost. The priceof the finished goods that Pakistan keen to import from China would have costmore to Pakistan in just exploiting its resources or utilizing them. Like a needlewill become more costly to the public if Pakistan manufactures it by utilizing itsown resources.Pakistan has signed the Bilateral Investment Agreements with China on 12
th
February 1989.
 
Pakistan Export Strategy
 
Vision
Providing Leadership, Direction, Pro and Re-active Facilitation, to anaggressive national drive for maximization of sustainable growth of Pakistan'sForeign Trade.
 
 
Preamble
Based on an evaluation of the world demand of goods and services, theStrategy aims to prioritize those where Pakistan has or can achieve acompetitive edge, sourced from within or outside Pakistan and facilitate theachievement of the desired levels of profitable exports via a 'demand led'Strategy, as opposed to the previous 'supply led' efforts. The 7-pointStrategy is as follows:
 
Mission Statement
 
Whilst retaining undivided focus on increase in share of world importsof Pakistan’s Core Products categories, achieve earliest and maximumProduct and Geographic Diversification.
 
Adoption of the concept of world class Supply Chain management /facilitation for comprehensive dealing with the production efficiencies and ontime delivering capabilities (as opposed to just “manufacturing capacity” or “warehousing” or “coordination with PCSIR”.
 
Active excellence in communication capability both to promote productsand services and the overall business image of Pakistan and theunderstanding / appreciation of the services of the EPB.
 
Prioritization and focus will govern allocation of available personnel andfinancial resources for optimizing efficiency.
 
 
Achieve maximum market access to enable exporters to maximumreturns of their efforts.
 
Ensure an export-enabling environment in the country and amongstour Missions abroad.
 
Manpower trained and incentives to levels appropriate to thecommercial and business profile of the organization.
 
Strategy
 
Enhance world market shares
of the Core Product Categories via1.1 Increased penetration of our best performing Categories in thetop 10 respective countries.1.2
 
Selectively increase the top penetration of the Core ProductCategories in the Next top 10 countries.
Core CategoriesOther Core Categories
 
Textile Garments
 
Rice
 
Raw Cotton Yarn (All Types)
 
Leather / Products
 
Fabrics
 
Sports Goods
 
Garments
 
Carpets and Wool
 
Made Ups (Excluding Towel)
 
Surgical Instruments
 
Towels
 
Petroleum Products
 
Art Silk and Synthetic Textiles
 
2.
Value addition:
Pursue enhancement of manufacturing and marketing capabilities andefficiencies with a view to achieve value addition and increased competitivestrength for our Core Product Categories.

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