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July 20, 2007
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Friday
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Rajab 04, 1428
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Export to China will increase by $1bn under FTA
By Our Reporter
ISLAMABAD, July 19: Pakistan’s exports to China will increase by $1 billion under the Free Trade Agreement (FTA), which has become operational from July 1 between the two countries.
This was stated by Commerce Minister Humayun Akhtar Khan while talking to the Chinese trade delegation headed by Assistant Trade Minister Wang Chao on Thursday. The 40-member Chinese delegation is visiting Pakistan to identify products, which can be imported.
While welcoming the delegation the minister said that Pakistan wanted good friendly relationship with China. He said that steps had been taken for a roadmap for enhancing trade relationship. The important step is the acquisition of Paktel.
The recent years have witnessed steady growth in Pakistan’s exports to China. According to Chinese statistics its imports from Pakistan in the year 2006 recorded 32 per cent growth, which were valued at $462 million over the year 2005.
During July-March of 2006-07 Pakistan’s imports from China were recorded at $2.45 billion. The major products included all sorts of machinery, steel products, industrial chemicals, synthetic yarn and fabrics, tyres and tubes.
The exports from Pakistan to China during the same period were recorded at $407 million showing a trade deficit of $2.04 billion. The major exports included cotton yarn and fabrics, ores and non-ferrous metals, leather, fish and fish preparation, chemicals, and cotton waste.
Mr Khan said that his ministry was planning to participate in the Guangzhou Export-Import fair to explore this opportunity and to help Pakistani exporters seeking enhanced share in the Chinese market. A joint study for a five-year trade development programme is also underway, which would provide a roadmap for future course of action to fortify trade relations between the two countries.
China may consider faster conclusion of quad-lateral transit agreement among China, Pakistan, Kazakhstan and Kyrgistan. This agreement would provide an excellent opportunity to enhance regional trade among the four countries.
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