Special Edition-07.pdf - Lahore School of Economics

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196 Samina Shabir and Reema Kazmi Products Table-3: Tariff Structure MFN Tariff of China Tariff for Pakistan On 1/1/2006 On 1/1/2007 On 1/1/2008 Cotton fabrics 10-14 5 0 - Bed-linen & home textiles 14 5 0 - Synthetic yarn 10 5 0 0 Polyester fabrics 10-15 5 0 0 Polyester yarn 5 0 0 0 Indentured industrial alcohol Dentured industrial alcohol 4 10 5 0 30 10 5 0 Leather articles 10 5 0 - Marble & other tiles 24 10 5 0 Table ware 18 10 5 0 Sports goods 14 5 0 0 Mangoes 15 5 0 0 Citrus fruits (kinoo, lemon, lime etc.) 12 5 0 0 Other citrus fruits 30 10 5 0 Source: Ministry of Commerce, Government of Pakistan Furthermore, increased exports of these products because of enhanced market freedom can lead to increased revenue generation but will not necessarily diversify Pakistan’s exports and will also not strengthen the industrial base of the country. However, all is not lost; it must be remembered that since Pakistan’s exports are highly concentrated in cotton, leather, rice, synthetic textile and sport goods - a one billion consumer market of China will be advantageous for Pakistan and can diversify Pakistan’s exports in terms of destination. China being an emerging economy is trying to raise the living standard of its rural populace. Thus, it offers huge potential for Pakistani exporters, especially in areas of agricultural, aquatic and leather products. According to the Chinese Feasibility Study on FTA, “The Pakistani
Economic Effects of the Recently Signed Pak-China Free Trade Agreement 197 commodities that have the greatest potential to be exported to China are tropical fruits. These fruits are widely planted in Pakistan, and China has already finished quarantine and inspection on Pakistani mangoes and citrus. After zero tariffs are levied, in North-west China, Pakistani fruits will enjoy certain advantages in both quality and price compared with the fruits grown in Southern China. Pakistan is also rich in fishery resources. With the adjustment of polices on fishery industry and the improvement of technology, the potential of Pakistan’s fishery industry will be unleashed. After the zero tariff policy is adopted, Pakistan will see a rise in its exports to China.” These opportunities show that Pakistan can divert its exports from the markets of various other countries that have put high tariffs barriers on Pakistani imports and allow them to flow towards the Chinese borders under the guise of the newly formulated FTA. These advancements under the FTA will not only increase the trade volume with China but will also guarantee exposure to Pakistani products in the world’s second largest economy, thereby making Pakistan a force to be reckoned with in the region. In addition to market access, the FTA also covers clauses related to investments, including its promotion and protection, its treatment, expropriation, compensation for damages and losses and dispute settlement. The historic ties of investment between China and Pakistan have already been covered in detail in Section 2 of the paper. Bilateral trade between China and Pakistan in recent years has made considerable progress, - increasing with an annual average rate of 30% in the past 5 years and exceeding $4.2 billion in 2005. In the first 9 months of 2006, Sino-Pakistan trade amounted to $3.75 billion, thus, making China the third biggest trading partner of Pakistan. Over the course of the last six decades, China and Pakistan have witnessed a steady growth in mutual investments, however the scale of investment is still relatively small. According to statistics released by the Board of Investment, out of a total FDI of $1524 million that was invested in Pakistan during 2004-05, the Chinese share was only $ 443,763. Chinese investment in Pakistan at the moment is concentrated mainly in Gwader port construction, exploration of coal and other resources, nuclear power stations, hydroelectric power stations, ship-building, machinery, infrastructure, construction, agriculture and manufacturing.
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Special Edition ISSN 1811-5438 THE
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THE LAHORE JOURNAL OF ECONOMICS Con
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