All Pakistan Textile Mills Association (APTMA) and Shandong Chamber of Commerce, China have signed a Memorandum of Understanding (MoU) for expansion of mutual economic and trade relations.
The former Chairman APTMA Mr Gohar Ejaz initiated the process with his Chinese counterparts and executed it with Deputy Chairman Shandong Chamber of Commerce Mr You Wei Li in the presence of sitting Chairman APTMA Mohsin Aziz. Both sides agreed to pursue the goal of promoting and expanding communication and cooperation in a bid to realize common development of both industries out of global opportunity in the wake of neo-globalism-pos-shift of economic development from West to East.
The MoU envisaged that both APTMA and Shandong Chamber of Commerce would take steps to effectively support the development and implementation of cooperation between Pakistan and China businesses. Also, both sides would conduct exchange of ideas on the actual and future priorities of both corporations, promote the participation of enterprises in fairs and exhibitions in Pakistan and China.
The MoU further stated that both sides would exchange information concerning policies, laws and regulations on trade and investment in each country, as well as the latest trends and updates on textile and apparel production, trade and investment. In order to overcome linguistic barriers, both sides vowed to set up Chinese Learning Centers in Pakistan, regular mutual visits and facilitate meetings between buyers and sellers and investment partners.
Similarly, a joint strategy on international market access, training of qualified specialized personnel and yearly meetings for exchange of experiences made on all questions concerning promotion of trade and investment was also agreed upon. It may be noted that the textile industry contributes to 50 per cent of Shandong province total exports worth $200 billion and 60 per cent of its textile industry consumes yarn.
