KARACHI – Three separate trade delegations from China will visit Pakistan shortly to explore new avenues for boosting bilateral trade as a first step to celebrate the Sino-Pak friendship year. The foreign missions from three big provinces of the neighbouring country have confirmed their visits, while various options to explore new trade opportunities are being discussed prior to the formal visits, sources in the Pakistan Embassy to China told Pakistan Today.
Importers of three provinces, including Xiangu, representing different chambers of commerce and industry, would meet their counterparts in Pakistan. Pakistan has stressed the relevant embassy and consulate generals in China to arrange traders and importers visits to enhance the bilateral trade volume. With the task of increasing trade volume to the tune of over $15 billion by 2015, concerned authorities of both sides were asked to make grounds for such rise in export/import by organising various trade related events, sources said.
The ministry of commerce has proposed participation in over 50 international trade fairs in China, while visitors from the neighboring country would also attend various exhibitions in Pakistan. Pakistani companies would display a wide range of exportable products in Chinese fairs, which would certainly give an opportunity to explore new trends of Chinese market for increasing the country’s exports, sources said. Besides, the ministry of commerce was finalising proposals for revising the existing Free Trade Agreement (FTA) between the two countries.
As the Chinese government has accepted the proposed amendments in FTA, Pakistan would include various new products in the trade list to record reasonable exports compared to imports from China. These steps, while celebrating the friendship year 2011, were agreed during the visit of Chinese prime minister to Pakistan. Experts believe that Pakistan has much to gain economically by deepening relations with China, while China could gain access to Middle East and Central Asia markets through Pakistan.
Chinese investment and collaboration in the areas of energy, mining and infrastructure development could possibly interest Pakistan. Furthermore, Pakistan would gain immensely from the Chinese experience of efficient use and conservation of energy.
