BEIJING, January 7 (INP): The 2nd phase of Pak-China free trade agreement will gradually increase the proportion of tariffs-reduction lines on the agreed products from 35% to 75%.

The agreement brings zero-tariffs between the two countries. Relevant tariff reduction measures have been implemented since January 1, 2020, said a spokesperson of the Chinese Foreign Ministry Geng Shuang at a regular news briefing here on Tuesday.

In addition, the two sides are also agreed to implement 20% reduction in taxes on other products that accounted for 5% of their respective tax items.

" The bilateral trade protocol upgrades and revises the contents of the original free trade agreement on market access and tariff reduction schedules, rules of origin, trade remedies, and investment, and adds a chapter on customs cooperation.

Among them, the core content is to substantially increase the level of liberalization of trade in goods on the basis of the original free trade agreement.

China and Pakistan are all-weather strategic partners, and the relationship between the two countries is developing well.

China is willing to work with Pakistan to continuously consolidate political mutual trust, further deepen all-round cooperation including trade and investment, promote the high-quality development of the China-Pakistan Economic Corridor, and bring more benefits to the two countries and their peoples," he added.

Commenting on the prevailing tense-situation in the Middle East, the spokesperson said, “China is highly concerned about the current situation. The further deterioration of the situation in the Gulf region is not in the interest of any party, and ensuring peace and stability in the region is vital to the world.

China has always maintained that all parties should earnestly abide by the purposes and principles of the UN Charter and the basic norms of international relations. The independence, sovereignty and territorial integrity of all countries should be respected, and peace and stability in the Middle East Gulf region should be maintained.

We urge the United States not to abuse force. At the same time, we also call on all parties concerned to exercise restraint, to avoid escalating the situation in turn, to return to the track of dialogue and consultation as soon as possible, and to promote the cooling of tensions as soon as possible. “

Inp/javed