| PREFERENTIAL TRADE ARRANGEMENT BETWEEN THE PEOPLE’S REPUBLIC OF CHINA |
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| 2003-11-05 13:49 |
The Government of the People’s Republic of China and the Government of the Islamic Republic of Pakistan (hereinafter referred to individually as a “Contracting Party” and collectively as the “Contracting Parties”),
CONSIDERING that the expansion of their domestic markets, through commercial cooperation, is an important prerequisite for accelerating their processes of economic development,
BEARING in mind the desire to promote mutually beneficial bilateral trade,
CONVINCED of the need to establish and promote preferential trade arrangements for strengthening intra-regional economic cooperation and the development of national economies,
RECOGNIZING that progressive reduction and elimination of obstacles to bilateral trade through a bilateral preferential trade arrangement will contribute to the expansion of bilateral as well as world trade,
ACKNOWLEGING that the bilateral preferential trade arrangement will provide the basis to achieve the ultimate objective of establishing a free trade area,
HAVE agreed to establish a Preferential Trade Arrangement ( hereinafter referred to as “the Arrangement”), in accordance with the 1979 GATT Decision on ‘Differential and More Favourable Treatment Reciprocity and Fuller Participation of Developing Countries’ and in conformity with the principles and rules of the ‘First Agreement on Trade Negotiations Among Developing Member Countries of the Economic and Social Commission for Asia and the Pacific (ESCAP)’ (hereinafter referred to as “the Bangkok Agreement”) to which Pakistan’s request for accession is under consideration.
The provisions of the Bangkok Agreement, including the future amendments, will apply to the Arrangement, wherever appropriate.
The Rules of Origin of the Bangkok Agreement shall apply to the Arrangement.
The list of tariff concessions exchanged between the Contracting Parties and the Bangkok Agreement along with its Rules of Origin are annexed as an integral part of the Arrangement.
The Working Group under the Arrangement shall act as the ‘Standing Committee’ to administer the Arrangement.
The Arrangement shall remain in force until either Contracting Party terminates the Arrangement by giving six months written notice to the other Contracting Party, through Diplomatic Channels, of its intention to terminate the Arrangement.
The Arrangement shall enter into force on the 30th day after the Contracting Parties have notified each other through Diplomatic Channels that their respective constitutional requirements and procedures have been completed in respect of the Arrangement including the Annexes.
IN WITNESS WHEREOF, the undersigned, duly authorized thereto by their respective Governments, have signed the Arrangement.
Done in Beijing, the third of November, two thousand and three.
For and on behalf of For and on behalf of
the Government of the Government of
the People’s Republic of the Islamic Republic of
China Pakistan
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