By IANS
Islamabad : China is to import at zero duty Pakistani products that will be manufactured in China-specific Special Economic Zones (SEZs) in Pakistan.
About 250 companies have expressed their willingness to invest in the SEZs that will be established in various parts of the country, with the first of them coming up at Kalashah Kaku near Lahore.
“Pakistan will be able to have the biggest market of one billion people of China by exporting products to be manufactured in the SEZs at zero duty,” The News reported Sunday.
Beijing has also extended a special incentive under which Islamabad can initiate banking services in China with an initial deposit of $250 million. This is against the norm of $10 billion.
“This is a landmark achievement in services sector between both the countries. China has extended this huge incentive to (Pakistani) banks at a recent meeting held in Beijing on Aug 14-16,” the newspaper said, quoting an official.
According to the official, Pakistan and China have also agreed to a free trade agreement (FTA) on services from Jan 1, 2008. The two countries have FTAs on goods and investment.
The new agreement would cover doctors, engineers, bankers and academics.