Under the second phase of China-Pakistan Free Trade Agreement, exports of fishery products to Beijing have accelerated.
At a processing plant of a seafood company at the fish harbour of Karachi, workers are busy grading, cleaning and packaging fresh shrimps. Twenty days later, the merchandise will make its appearance in some Chinese aquatic market. From fish to shrimps and lobsters, Chinese appetite for aquatic products has been growing at a considerable momentum since 2013. Out of Pakistan’s total fishery exports, 60% are destined for China.
“Fishery is a big and emerging industry in Pakistan,” said Islamabad Animal Sciences Institute Director Dr Saeed Murtaza Hasan Andravi.
“It accounts for less than 1% of GDP but provides vast employment opportunities for the under-developed areas in Pakistan. Moreover, it can be a profitable profession and a promising means to earn foreign exchange.”
Since aquatic products enjoy tariff concession under the second phase of China-Pakistan Free Trade Agreement implemented in December 2019, Pakistan’s fishery sector witnessed a boom in terms of exports.
According to data released by the State Bank of Pakistan (SBP), Pakistan’s exports of frozen seafood rose 83.7% to $73.947 million in the first seven months of fiscal year 2019-20. Statistics from Chinese customs show that in the first half of this year, Pakistan’s fish exports to China topped 20,000 tons with a value of over $20 million.
But still, more is expected out of these abundant aquatic resources, especially amid the pandemic.
The article originally appeared on the China Economic Net
Published in The Express Tribune, December 30th, 2021.
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