Pakistan’s exports to China crossed $1.605 billion in the first five months of 2022, up 5.42% year on year, showed the official data from the General Administration of Customs of the People’s Republic of China (GACC).
Pakistan Embassy Commercial Counsellor in Beijing Badaruz Zaman said that despite Covid-19, bilateral trade has increased significantly.
“Pakistani government is also fully committed to tapping its industrialisation potential and paying specific attention to the construction of Special Economic Zones to enhance its trade with other countries,” he added.
Zaman assessed that the second phase of the China-Pakistan Free Trade Agreement provides zero-tariff market access for Pakistan’s 313 major export commodities, and has greatly promoted the manufacturing industry to expand production and exports.
“China-Pakistan free trade agreement will create more space for service trade. Bilateral trade between the two countries will cross $50 billion within the next five years. This year, the trade volume will cross $32 billion,” he projected.
The total volume of trade between China and Pakistan has amounted to $12.06 billion, up nearly 19% compared with 2021 when it stood at $10.14 billion due to Covid-19.
In the growth of trade between the two countries, the major products were rice, sesamum seeds, pine nuts, textiles, seafood and other agricultural products, which have recorded an increase year on year and promoted Pakistan’s economic recovery.
THE ARTICLE ORIGINALLY APPEARED ON THE CHINA ECONOMIC NET
Published in The Express Tribune, June 22nd, 2022.
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