Islamabad: As a result of the second phase of the China-Pakistan Free Trade Agreement (FTA) and other measures taken by the two governments to enhance bilateral trade, Pakistan’s exports to China are expected to double in the next two to three years,” Pakistan’s Ambassador to China, Moin ul Haque, said on Tuesday.
Despite the current COVID-19 pandemic, which has disrupted global trade and travel, Pakistan’s exports to China increased by more than 80% in the first six months, he claimed in an interview.
According to data from the Ministry of Commerce, Pakistan’s exports to China totaled $1.73 billion in the first half of this year, jumping 83 percent year on year (YoY). Bilateral trade surged by 63% YoY to $12.6 billion during the same period.
The momentum, according to Haque, stems from the second phase of the China-Pakistan Free Trade Agreement (FTA), which was signed in 2019, as well as China’s incentives to boost imports, such as the China International Import Expo and Pakistan’s six pavilions at leading trade expos in China, Pakistan’s active presence on China’s leading e-commerce portals, and China’s booming economic zones in Pakistan.
China, Pakistan’s largest trading partner, abolished duties on more than 300 Pakistani commodities, including agricultural products and textiles, as part of the second phase of the free-trade deal, bringing the total number of tariff-free goods to 1,000. He also praised the China-Pakistan Economic Corridor (CPEC), which is now in its second year of outstanding development.