China-Pakistan Free Trade Agreement (CPFTA)

The China-Pakistan Free Trade Agreement (CPFTA) is a formal agreement between China and Pakistan to promote smoother and more affordable trade by reducing tariffs and barriers on many goods. Signed in 2006 and expanded in 2019, it aims to boost economic cooperation, increase exports and imports, and strengthen their economic ties. Essentially, it makes it easier and cheaper for businesses in both countries to trade products like machinery, textiles, and agricultural goods, fostering economic growth and closer bilateral relations.