Lahore, 18 February 2022 (TDI): The President of Pak China Joint Chamber of Commerce and Industry (PCJCCI), Wang Zihai, said during a think tank session that China is a huge consumer market with growing buying power, and there is a great demand of Pakistani products in China.
He encouraged the local Pakistani exporters to energetically win the Chinese market by producing high-quality products and establishing good brands. He added that Pakistan should utilize all efforts to further strengthen the Pakistan-China trade relations.
He said the country’s exports to China improved by 34 percent to 2.33 billion dollars during the fiscal year 2020-2021 (July 1-June 30), as compared to 1.74 billion dollars in the earlier fiscal year. The products of leather, textiles, seafood and agriculture were among the major exports to China during the period.
Wang Zihai also appreciated that the friendly relations between Pakistan and China had become more realistic and productive with the passage of time. New exposure is developed among the Pakistani exporters. These Pakistani businessmen, with help of the government, have begun to see the Chinese market opportunities.
The Senior Vice President PCJCCI Ehsan Choudhry on this occasion also shared the Pakistan-China trade capacity had shown an upward trajectory over the years. According to the Ministry of Commerce of Pakistan official figures, in the year 2018, the trade volume between the two countries was 16.4 billion dollars, which is increased from 4.8 billion dollars in 2007.
He added the recent rising trend in exports to China was encouraging. Pakistani manufacturers need to understand the Chinese market and should focus on improving the quality and standard of their products for export to China.
The Vice President of PCJCCI Sarfaraz Butt shared that for Pakistan, China was the second-largest export destination and the government had been making all efforts to boost exports to China by promoting industrialization locally, providing special subsidies to the business community, and working thoroughly with the Chinese government and enterprises to get expertise about the Chinese market requirements.
He added that the implementation of the second phase of the ‘Free Trade Agreement’ (FTA) between Pakistan and China had paved the way for the significant and sustained growth of the bilateral trade, as Pakistani traders were now permitted to export 313 new products to the Chinese market on zero duty.
The Secretary-General of PCJCCI, Salahuddin Hanif shared that under the previously-signed first phase of the FTA, the country had been already utilizing the zero duties on exports of around 700 products to China.
He also said that through the ‘China-Pakistan Economic Corridor’ (CPEC) special economic zones are being established which would promote industrialization in the country and boost exports to not only China but also other countries.
This will help Pakistan to earn valuable foreign exchange. Pakistan also needs to extensively advertise its distinctive products and actively participate in expos and events in China to make more presence in the Chinese market.
