Pakistan shares 5-year vision with China to boost trade ties

China's Economic Counsellor affirms the country's aim to increase its trade volume from the current $27 trillion to $32 trillion in the coming years

Pakistan’s caretaker Federal Minister for Commerce and Industries, Dr Gohar Ejaz shared a five-year vision with China’s Economic Counsellor, Yang Guangyuan, to increase bilateral trade and economic cooperation. Dr Ejaz set a target of $25 billion for Pakistan’s exports to China, while Guangyuan expressed China’s willingness to include Pakistan in its trade expansion plan.

The two officials met on Wednesday in Islamabad, as part of the intensified interaction between the two countries in the field of trade. Dr Ejaz said he visited China recently to witness its remarkable progress and to seek new market segments for Pakistani exports. He also stressed his vision for Pakistan’s economic progress through “trade not aid”.

Guangyuan reaffirmed China’s commitment to stand with Pakistan. He said China aimed to increase its trade volume from the current $27 trillion to $32 trillion in the coming years, and offered to relocate industry from China to Pakistan’s export processing zones and utilise its cost-effective labour for accessing African and Central Asian markets.

The meeting came as Pakistan’s newly established Export Advisory Council set an ambitious export target of $50 billion in five years and $100 billion in the long term.

However, this would require a radical shift in trade policy and domestic reforms, as Pakistan’s exports have stagnated around $25-27 billion over the last decade, despite schemes like the GSP Plus.

Notably, China enacted the Foreign Trade Law in 1994, which updated its trade policy and built on the reforms since 1980. After joining the World Trade Organisation (WTO) in 2001, China revised its trade policy again to follow WTO rules and regulations.

It also reduced its import tariff rates to below 9%. Currently, its trade-weighted average is around 3%. China did not seek any preferential access like the Generalised Scheme of Preferences (GSP) during these reforms; it focused only on domestic reforms.

The only thing it asked from major economies like the United States was to treat it like any other WTO member. China did not sign any bilateral or regional trade agreements until 2003.

Pakistani exporters, on the contrary, spend a lot of time and energy to persuade the government to get preferential market access through unilateral concessions from the major economies. They also get special treatment under SROs in the domestic market.

They got the GSP Plus concession in 2014, which gave their exports duty-free access to the European Union. This was supposed to be a big change. But nothing much changed.

Pakistan’s exports stayed around $25-27 billion over the next 10 years of the GSP Plus. Many other regional countries doubled their export shares during the same time through domestic reforms, while Pakistan saw an annual average drop of 1.45%.

47 COMMENTS

  1. BEST RECOVERY EXPERTS FOR CRYPTO/BITCOIN
    Imagine this: after checking the transaction history and impatiently awaiting confirmation, you realize that the money was transferred to the incorrect wallet address. Here’s when you instantly and painfully realize that your hard-earned $75,000 has vanished out of thin air
    If you need help tracing and recovering your lost or stolen cryptocurrency, Brunoe Quick Hack is here to help you today. Our team of experts are standing by to assist you.
    Website; brunoequickhack.com
    Gmail; brunoequickhack (AT) gmali (.) com

  2. Truly, this article is really one of the very best in the history of articles. I am a antique ’Article’ collector and I sometimes read some new articles if I find them interesting. And I found this one pretty fascinating and it should go into my collection. Very good work!

  3. I think this is an informative post and it is very beneficial and knowledgeable. Therefore, I would like to thank you for the endeavors that you have made in writing this article. All the content is absolutely well-researched. Thanks…

  4. You actually dealt with several engaging things in this article. I came across it by using Bing and I’ve got to admit that I am now subscribed to your website, it is very decent

  5. In addition to the welcome bonus for punters, the promoter offers various other promotions for new casino players. Continue reading to find out more about the different welcome bonuses available after using the 1xBet promo code.

  6. A special welcome promotion is offered at 1xBet 2024. To get it, you must copy and enter the 1xBet code “1XFIRST200” during registration. This is a promo code, a bonus offered by 1xbet for new players in the betting game. This code activates the welcome bonus.

  7. I think this is among the most significant info for me. And i am glad reading your article. But want to remark on few general things, The web site style is great, the articles is really excellent

  8. With the Mcdvoice.com survey, you can earn a free burger, quarter -pounder with cheese, a free coffee or a free EggMcmuffin, simply by finishing the Mcdonalds Customer Satisfation survey. It takes 2 minutes and all you need is a valid receipt with a Mcdonalds survey code. Start here

  9. With the Liteblue Usps employee portal, you can apply for new routes, check your paystubs, see your weekly USPS work schedule, arrange PostalEase benefits and paid time off. All within the new USPS Liteblue portal. The Liteblue.usps.gov employee website is your one stop platform for everything USPS Career related. Start here

  10. Employeeconnection.net and Macy’s Insite are streamlined online platforms that allows Macys and Bloomingdales employees to access a wide range of job-related information and services. These include the My Insite Schedule, payslips, Pais Time Off, and more. Start here

  11. Thanks for the read! Visit my site Mcdvoice to begin the Mcdonalds survey and win a free Big Mac or Quarter Pounder with cheese. It takes just 2 minutes to fill out. You need a Mcdonalds receipt and to visit www mcdvoice com within 7 days.

  12. Thank you! This is how to play minecraft with friends: Visit on another device. Then, copy the code that you see on your screen into the Enter Code box. This will connect your Microsoft account with your Minecraft game console, like your Playstation 4. You just have a Microsoft Live account play online with friends. Visit this site for a step by step guide.

  13. İstanbul Masaj Salonu, sadece rahatlama için değil, aynı zamanda sağlık üzerinde de olumlu etkilere sahiptir. Masaj terapisi, kas gerginliğini azaltır, kan dolaşımını artırır ve vücuttaki toksinlerin atılmasına yardımcı olur. Ayrıca, düzenli masaj seansları, bağışıklık sistemini güçlendirir ve genel zindelik ve huzur seviyelerini artırır.

  14. The 123movies website is one of the most trusted websites for watching free HD movies online. The 123movies official website domain changes often, so please visit our wesbite, as we update the official 123 movies website list every month.

  15. The LiteBlue USPS employee portal allows employees to their USPS paycheck information, access their Federal Employee Health Benefits (FEHB), access their USPS Thrift Savings Plan and enables them to contatc USPS human resources. Visit the USPS Liteblue login page to access your account.

  16. I absolutely love your blog and find a lot of your post’s to be exactly I’m looking for. can you offer guest writers to write content to suit your needs? I wouldn’t mind writing a post or elaborating on a few of the subjects you write in relation to here. Again, awesome weblog!

  17. I would like to thnkx for the efforts you have put in writing this blog. I’m hoping the same high-grade website post from you in the upcoming also. Actually your creative writing skills has inspired me to get my own site now. Actually the blogging is spreading its wings rapidly. Your write up is a good example of it.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read