Pak-China signed 38 agreements worth $325 million

Pakistan and China signed 38 agreements worth $325 million to promote bilateral trade. These signed documents will pave the way for enhancing the sale of Pakistani products in the Chinese market. The total value of agreements is the same to 17% of China’s gross import from Pakistan. This was a step forward, correcting the balance of payment in bilateral trade between the two countries. More than 100 enterprise representatives attended the signing ceremony. The group comprised representatives of 30 companies, belonging to the textile industry, pharmaceutical, agriculture products, petrochemical industry, commercial trading and other fields.

Addressing the signing ceremony, the Ambassador said China is Pakistan’s second largest export destination for the last couple of years. In 2016, Pakistan export to China stood at $1.9 billion. There has been growing trend in the bilateral trade, since the signing of free trade agreement between the two countries.

In recent years, the Belt and Road’s initiative and the CPEC have provided historical opportunities to both countries to further deepen their bilateral ties in trade and economic fields. Praising Pakistan’s export potential, the ambassador said Pakistan’s goods including textile, mineral and agriculture-based products are well-received in the Chinese market.

Citing the growing trade between the two countries, Weidong said the export from Pakistan to China has increased from $550 million to $1.91 billion in the recent years. The net increase was by 248%. About the CPEC, he said it was bringing positive results improving the living conditions of the people. With the development of CPEC, Pakistan will be able to improve its energy, transportation infrastructure.

 

 
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