Business

Minister for ramping up trade with China

Believes bilateral trade can be increased to $40 billion

APP August 04, 2022

Promotion of exports by tapping new markets and expanding the export basket by reducing trade barriers is the ultimate way forward. Photo; File

ISLAMABAD:

Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal has said that time has come to adopt a market-driven approach keeping in view the global trend, and directed officials to identify China’s markets where Pakistan can export its products.

In that regard, a detailed briefing was given to the minister, who asked the officials concerned to increase the export volume.

The minister directed the stakeholders to step up annual trade with China from the current volume of $3 billion to $30-40 billion.

He emphasised that the Ministry of Commerce should align with other departments to devise a strategy for ramping up trade with China.

The minister observed that the potential of Chinese markets could be tapped in phases, particularly where Pakistan enjoyed a comparative advantage. He called for adopting a market-driven approach in line with the global trends and demand.

Data shows that Pakistan’s exports to China increased 11% in the first half of 2022 and with this momentum it is likely to reach $4 billion by the end of the year.

Exports to the neighbouring country crossed $1.918 billion in the first half of current year, up by 10.97% from $1.728 billion in the same period of previous year.

It continues to increase on a yearly basis, as per data of the General Administration of Customs of China.

Meanwhile, the minister reviewed projects of the Ministry of Planning and Development under the Public Sector Development Programme (PSDP).

He asked officials to remove all bottlenecks in the execution of projects which included the Centre of Excellence for the China-Pakistan Economic Corridor, competitive grants for policy-oriented research, Green Line Rapid Transit System, National Initiative for SDGs on Nutrition, Installation of Integrated Intelligent Transport System Equipment, Strengthening of Civil Service Registration and Vital Statistics CRVS System and Construction of Pakistan Institute of Development Economics (PIDE) Campus at H-8.

Published in The Express Tribune, August 4^th, 2022.

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