Islamabad, Jun 7 (INP): In connection with CPEC phase II tech-savvy Agriculture cooperation between Pakistan and China, Punjab budget 2021-22 is going to have double allocation for agriculture projects with emphasis on improving the quality of seeds and agricultural services to boost production, Gwadar Pro reported on Monday.

Inspired by incentives given by China to farmers and implementing new priorities laid down in CPEC phase II, Punjab budget 2021-22 is ushering in a new era of agriculture taxes to boost agro-based initiatives as well as corporate farming.

The tax rate on agricultural services is being curtailed to 1 per cent from 16 per cent for the corporate sector in order to make the sector attractive for investment.

Through these projects, both countries would cooperate in the areas of capacity building, germplasm resources, agriculture product processing and technology extension.

The other identified projects included uplifting of the local agriculture sector including fisheries, establishment of foot and mouth disease free zones, and market information as well as agricultural trade, he added.

The short-term projects would be completed in two years' time whereas the and medium as well as long term projects would be completed in four to five years timeframe.

Besides, the two sides have also signed various agreements and protocols to facilitate cooperation in trade and research, an MoU on Strengthening of Cooperation on Plant Pest and Disease Control was signed during the visit of the President to China in March, 2020.