Pakistan’s value-added products envisaged rich potential to get business in China and correct the balance of trade between the two countries, said Zhang Wei, a senior commercial officer of the local government of Xinjiang Autonomous Region.
“ We love to buy Pakistani products, provided they meet the required quality standards”, he said while talking to newsmen here Tuesday at the 2nd Eurasia expo, in which Pakistan has displayed its products, including carpets and mineral-goods. He noted Pakistan is much ahead of producing value-added items and it could easily compete in international market. Pakistan’s garments, leather-made products and handicrafts could get good business in the Chinese market as well, he added.
He proposed that Pakistan’s major industrial Houses should set up their representative offices in China to regulate their business. Besides, Pakistan should also hire Chinese-speaking staff to project their goods, he suggested. It is also imperative that Pakistani entrepreneurs should be well-versed of the Chinese business’s laws and regulations. Merely, participating in trade fairs will not be enough, he remarked.
Pakistan has already entered in second phase of FTA with China that allows a large number of value added textile products duty free exports to China including readymade garments to China.
A Pakistani businessman Muhammad Hanif who has put up his stall at the expo also claims that there is tremendous potential in the value-added garment sector, such as, trousers, pullovers, cotton blousers for women, socks, towels, bed linen, etc. Depending on export of just raw material will not help to achieve the desired results, he said.
A lot of idle benefits have to be utilized from the FTA before entreating for more concessions. In the Fishing sector, China has already started buying more quantity with high value products like cuttlefish, scads and shrimp from Pakistan.
Five years ago China was not on the list of Pakistan’s top 10 export destinations. Now it ranks fourth after the US, the UAE and Afghanistan, while the bilateral trade ranks third just behind the UAE and the US if the value of trade is computed on balance of payments format.
The signing of an accord during last visit of former Prime Minister Yousuf Raza Gilani to Beijing, on opening up of two bank branches — one of a Chinese bank in Pakistan and the other of our National Bank in China — is also good step forward to spur bilateral trade.