Pakistan’s exports to China are expected to increase by more than 100 percent over the next two to three years as a result of the second phase of the Free Trade Agreement under CPEC and other measures taken by the two governments to promote bilateral trade. This was stated on Tuesday by the Pakistan’s Ambassador to China, Moin ul Haq.
“In the first six months, Pakistan’s exports to China increased by more than 80 percent, despite the ongoing COVID-19 pandemic, which has impacted global trade and travel,” he said in an interview.
Trade data showed that Pakistan’s exports to China totaled $ 1.73 billion in the first half of this year (Jan-June’2021), up 83 percent from a year earlier.
At the same time, bilateral trade rose to $ 12.6 billion, up 63 percent from a year earlier.
Haq said that trade momentum is attributed to Phase II Free Trade Agreement between China and Pakistan, as well as China’s incentive to increase imports, including the China International Import Expo, six Pakistani pavilions at China’s leading trade fair, and an active presence. From Pakistan to China. Leading e-commerce portals in China, thriving Chinese economic zones in Pakistan.
As part of the second phase of the Free Trade Agreement, China, Pakistan’s largest trading partner, lifted tariffs on more than 300 Pakistani goods, including agricultural products and textiles, bringing the total number of duty-free goods to 1,000.
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