China making efforts to achieve balanced trade

Keen on addressing trade imbalance, creating opportunities for Pakistani exporters

LAHORE:

Chinese Consul General in Lahore Zhao Shiren has emphasised that Beijing is making all-out efforts to have balanced trade with Pakistan and create more opportunities for Pakistani exporters.

He pointed out that bilateral trade had grown substantially, with the trade volume reaching $16.2 billion in financial year 2023-24. He said that China was keen on narrowing the trade deficit by encouraging imports of Pakistani products.

Speaking during a visit to the Lahore Chamber of Commerce and Industry (LCCI), the consul general reiterated China's intention to foster stronger business-to-business (B2B) links and promote public-private partnerships for mutual economic benefits.

He expressed optimism that enhanced collaboration under initiatives like the China-Pakistan Economic Corridor (CPEC) would lead to a more balanced and prosperous trade relationship. Zhao appreciated the LCCI's dynamic leadership and expressed optimism about fostering stronger ties between the two institutions. He underscored the consulate's efforts to promote engagements between the Chinese delegations visiting Punjab and the LCCI as well as facilitate interactions with the Chinese companies operating in the region.

The consul general announced plans to enhance support for Chinese language courses through the LCCI to improve communication and business relations. He proposed the organisation of awareness sessions on Pakistan-China relations, similar to the LCCI's economic and policy advocacy initiatives. He assured them of the consulate's cooperation in holding such events and emphasised the importance of showcasing the positive narrative of CPEC and exploring new avenues for collaboration.

Speaking on the occasion, LCCI President Mian Abuzar Shad acknowledged China's assistance in stabilising Pakistan's economy, including the rollover of loans. However, he underlined the need for addressing the imbalance in trade, which was heavily in favour of China.

Sharing statistics, he said that bilateral trade increased from $11.7 billion in 2022-23 to $16.2 billion in 2023-24. Imports from China reached $13.5 billion while Pakistan's exports stood at $2.7 billion.

He spoke about Pakistan's potential to export more products to China, particularly textiles, halal food and other value-added goods. Shad called for maximising the benefits of a free trade agreement as there was a vast scope for sectors like textile, halal food and agriculture.

Sharing his views, LCCI Vice President Shahid Nazir Chaudhry underscored the importance of diversifying Pakistan's exports to China. He mentioned coal, medicines, surgical instruments, corn, fresh fruits and salt as potential products that could be exported.

He proposed regular visits of trade delegations to enhance B2B linkages and assured them of the LCCI's support for such initiatives.