Beijing, 9 November 2021 (TDI): Pakistan’s Ambassador to China, Moin ul Haque in an interview signified unprecedented progress in Pakistan-China bilateral trade. This unprecedented progress will set new records for Pakistan’s exports to China. Ambassador Haque signified the progress to materialize by the end of this year.
Adding more to it, Ambassador Haque said that despite the pandemic the two countries have an ever-growing bilateral trade. Ambassador Haque stated that China is Pakistan’s largest trading partner. China is also the second-largest importer of Pakistan’s exports. Pakistan’s exports to China have grown by 75%. Currently, the trade volume between the two countries is around 20 billion USD. Ambassador Haque signified it to surge to 25 billion USD.
Similarly, Pakistan’s exports to China amount to 1.8 billion USD. It is expected that the exports will surge 3 billion USD. Statistical graphs like these have led to official claims of unprecedented progress in bilateral trade. To further expand Pakistan’s exports to china Ambassador Haque recommended considering exporting textile and Sports goods. The textile and sports industries in Pakistan are the strongest sectors and if utilized properly can make wonders for Pakistan.
Pakistan and China enjoy a no tariff zone which makes trade, even more, easier between the two countries. Ambassador Haque signified that in the future the two countries will deliberate on establishing free trade agreements aimed to remove barriers on the service sector. The service sector of both countries forms a large part of their GDPs so collaboration in the service sector will be a win-win for Pakistan and China.
Pakistan and China are also collaborating to establish a working group on IT, Industry, industrial cooperation. Pakistan is also actively encouraging Chinese investors to invest in Pakistan. The interview was conducted by CGTN.