BEIJING: Despite a global economic slowdown, trade volume between Pakistan and China increased by 18.2 per cent in fiscal year 2014-15 reflecting mutual benefits the two countries shared through various trade agreements, said Wu Guoquan, the director of Department of Asian Affairs, Ministry of Commerce, on Tuesday.

Mr Guoquan was briefing journalists from Pakistan, Afghanistan, Bangladesh, India and Nepal on trade relations between China and South Asian countries.

The senior government official said bilateral trade between Pakistan and China registered a ten per cent ($4.4bn) increase in the first three months of this fiscal year as compared to the corresponding period in 2015.

Mr Guoquan said economic and trade relations between South Asian countries and China held great potential.

He added China will address the issue of trade imbalance which was caused due to uneven development in the economic and trade sectors of many developing countries.

“China is willing to work hard with the countries in the region, enabling them to take advantage of their favourable conditions through meaningful cooperation,” he said.

Elaborating on trade with Pakistan, he said positive developments were registered in previous years as trade volume between the two sides grew from $5.7bn to $100.11bn during a 15-year period from 2000 to 2015 while total value of contracts signed between the two in this period went from $1.8bn to $150.8bn.

He said South Asian countries need to focus on improving their competitiveness in the Chinese market.

He highlighted that China, with the motive of helping the South Asian business and industrial community, has been organising a series of China-South Asia Expo and providing free stalls to entrepreneurs from the region.

He also referred to the Asia Pacific Trade Pact besides zero-tariff status for countries falling in the category of least developed countries, including some from South Asia.

Published in Dawn, April 27th, 2016