Silk Road, textile summit to boost global trade

CCCT, APTMA sign MoUs, action plan to enhance e-commerce released

BEIJING:

The China-Pakistan Textile and Apparel Executive Summit and Business Meetings unfolded in Kunshan, East China’s Jiangsu Province, last week, drawing at least 100 representatives from the Chinese and Pakistani governments, trade associations, and textile and apparel enterprises.

In his opening address, Deputy Mayor of Kunshan Zhang Feng highlighted the significance of the year 2023, marking the 10th anniversary of the Belt and Road Initiative (BRI) and the initiation of the China-Pakistan Economic Corridor (CPEC). As a flagship project of the Belt and Road, CPEC has achieved substantial cooperation results, particularly in the textile and apparel sector, where there is significant complementarity and potential for collaboration between the two countries.

Federal Minister for Commerce and Industries, Gohar Ejaz emphasised Pakistan’s traditional strength in textiles, citing conducive natural conditions for cotton production, a large and competitive workforce, a complete industrial chain, and favorable conditions for international market access. He highlighted the potential for joint ventures between Chinese and Pakistani enterprises along the textile value chain, and Pakistan pledged comprehensive support for Chinese businesses investing in the country.

During the summit, the China Chamber of Commerce for Import and Export of Textiles (CCCT) and the All Pakistan Textile Mills Association signed a Memorandum of Understanding (MOU). This MOU is expected to further promote and strengthen economic and trade cooperation between the textile and apparel industries of China and Pakistan, empowering the development of cooperation between businesses from both countries in the textile and apparel sector.

Read BRI and its flagship project CPEC

“Silk Road e-commerce” has also emerged as a novel business model offering global consumers a plethora of goods and services with its convenient, efficient, and low-cost features. Aqeel Ahmed Chaudhry, Director of the Pakistani national pavilion in the Silk Road e-commerce cooperation pilot zone center, Pudong, Shanghai, China, expressed the intent to leverage this model to boost bilateral trade.

The government of Pudong, Shanghai, officially released the “Action Plan for Advancing the Construction of the Silk Road E-commerce Cooperation Pilot Zone in Pudong New Area” on December 14th, aiming to promote the Silk Road e-commerce as a cutting-edge business model. The initiative aims to provide a diverse range of products and services to consumers worldwide through the convenience, efficiency, and cost-effectiveness of Silk Road e-commerce.

Shanghai has been designated by the State Council as the pilot zone for Silk Road e-commerce cooperation, with a focus on enhancing digital economic cooperation along the BRI.

Published in The Express Tribune, December 24^th, 2023.

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