Pakistan’s export to China crossed $1.605 billion in the first five months of 2022, up 5.42 per cent year on year, as both countries expect bilateral trade volume will jack up to $50 billion in five years.
Badar uz Zaman, Commercial Counsellor at Pakistani Embassy in Beijing, said that despite the epidemic of COVID-19, the bilateral business has increased significantly. “The Pakistani government is also fully committed to tapping its industrialization potential and paying particular attention to the construction of special economic zones to enhance its business with other countries”, he added.
Badar expressed 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 Pakistan’s manufacturing industry to expand production and exports, China Economic Net (CEN) reported on Tuesday.
“The China-Pakistan free trade agreements would create more space for Pak-China services business. The bilateral trade will cross $50 billion within the next five years. This year bilateral business would cross $32 billion”, he said.
The total volume of business between China and Pakistan has amounted to $12.06 billion, up nearly 19 per cent compared with 2021 which was $10.14 billion due to COVID-19, shows the official data from the General Administration of Customs of the People’s Republic of China (GACC).
Among the growth of trade in major products between the two countries, rice, sesame seeds, pine nuts, textiles, seafood, and other agricultural products have increased year on year, which has promoted Pakistan’s economic recovery.