Special Edition-07.pdf - Lahore School of Economics

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200 Samina Shabir and Reema Kazmi promoting trade, improving investment and economic development, augmenting comparative value of its exports and build added capacity in specified targeted areas through technical cooperation and collaboration through entering into such an arrangement. The present paper undertakes a general analysis of the implications of the Pak-China FTA. The inferences drawn from the present analysis is that although Pakistan’s economy is much smaller than that of China’s in terms of GDP, trade, reserves etc., yet the FTA offers a huge potential for Pakistan’s economy. Pakistan can change the trend of its chronic trade deficit with China by utilizing the increased market access given by China. Pakistan can also reduce its overall trade deficit by diverting its exports from traditional destinations to the new one billion consumer base of China; but for that Pakistan has to make its exports more competitive, more diversified and much better in quality. Increased investment flows will enhance the capacity of the existing industries, will help in technology transfer, and generate employment opportunities for the local population, thereby positively contributing to the economy of Pakistan. However, the Pakistani side would be less able to enjoy the concessions given by China for investment opportunities because the volume of investment to China from Pakistan is negligible. Nonetheless, we should not look at the FTA from this perspective, that if there are only positive implications for Pakistan, then why has China entered into such a deal? We know from the facts and figures that economy-wise China is already far along the road to development, and for big and developed economies, political and security matters much more than economic considerations in making such decisions of mutual cooperation. Pakistan’s strategic geographical location makes it a valuable ally which can act as a trade corridor for countries such as China.
Economic Effects of the Recently Signed Pak-China Free Trade Agreement 201 References Ceylon Chamber of Commerce, “Sri Lanka – Pakistan Free Trade Agreement”. China Study Center, Institute of Strategic Studies. “Area Brief on China (2007)”, China Daily, “ASEAN-China FTA Benefits Both Sides”, April 3 2002. Chinese Feasibility Study on Free Trade Agreement, Online Search, March 15, 2005. Economic and Commercial Counsellor’s Office of the Embassy of the People’s Republic of China in the Republic of Croatia., “China and Chile Signed FTA Agreement”, November 18 2005. Government of Pakistan. “Five Year Development Program on Trade and Economic Cooperation between Pakistan and China”, Economic Affairs Division. Government of Pakistan, “Pakistan – China Free Trade Agreement”, Economic Affairs Division. Government of Pakistan, Economic Affairs Division. Poverty Reduction Strategy Paper (PRSP) II 2007. Hong, H., 2004, “ASEAN and China Sign “Dirty” FTA”, Taipei Times, Dec. 18. IPCS, Special Report 30, September 2006. Kalegama, S., “Sri Lanka's Free Trade Agreement with Pakistan”, Economic Watch. Kumar, A., 2006, “China-Pakistan Economic Relations”, Institute of Peace and Conflict Studies, special report 30. Lijun, S., 2003, “China-ASEAN Free Trade Area: Origins, Development and Strategic Motivations”, ISEAS Working Paper, International Politics & Security Issues Series No. 1.
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