The caretaker Minister for Commerce and Industries and Production, Gohar Ijaz, is reaching China on Sunday (today) to find new buyers and explore prospects of relocation of the Chinese textile industry to Pakistan as Beijing has earned $100 billion from Pakistan through its exports. In contrast, it imported Pakistani goods worth only $10 billion during this period.
A high-profile business delegation is also accompanying him. The visit is a follow-up to the visit of the caretaker Prime Minister Anwar-ul-Haq Kakar in October this year. He will start meetings from Monday (tomorrow).
The perception is that Pakistan did not negotiate a Free Trade Agreement (FTA) with China, which is why the former did not succeed in boosting its exports. Under-invoicing and discrepancies in trade data are also critical issues between the two countries.
“China’s imports to Pakistan are $20 billion per annum, whereas Pakistan’s exports are just $ 2 billion per annum,” he said. The statistics show that China earned $ 100 billion from Pakistan through its exports during the last five years, whereas Pakistan made only $ 10 billion during this period.
The delegation’s visit covers agriculture, electric vehicles, marble, cement, fertiliser, fruit, vegetables, home appliances, glass, chemicals, and textiles.
This multi-segmental delegation representing Pakistan’s business sector will hold meetings with their counterparts in China for trade and investment and the formation of joint ventures. On the sidelines of the official visit, B2B meetings, apart from the central meetings, have been arranged for the delegation members.
