In the first quarter of 2021, Pakistan’s exports to China increased by about 80%, and if current trends continue, the country is on track to surpass the $3 billion mark by the end of the year, according to Pakistan Ambassador to China Moin ul Haq.
Phase two of the much-heralded China-Pakistan Free Trade Agreement went into effect last year, allowing Pakistani manufacturers and dealers to export roughly 313 new products to China duty-free.
“Pakistan’s exports to China in the first quarter of 2021 were impressive. $888 million, compared to $526 million in the first quarter of 2020. A 69-percentage-point spike “rcent,” Pakistan’s envoy to China, Moin ul Haque, stated on Twitter.
According to him, the FTA now permits Pakistani manufacturers and traders to export roughly 313 additional products to China with zero tariffs, while Pakistan already has zero tariffs on 724 products exported to China under the first free trade agreement struck between the two nations in 2006.
“Bilateral commerce between Pakistan and China increased by 80% in the first half of this year when compared to the same period last year,” he told APP.
“The Pakistan Embassy and consulates in China are also erecting Pakistan pavilions and hosting promotional events in various cities to promote Pakistani products and goods in the Chinese market,” the ambassador continued.
Under the first free trade agreement negotiated between the two countries in 2006, Pakistan already has zero tariffs on 724 products it sells to China. Following the execution of the second accord, Pakistan can now export more than 1,000 products to China duty-free. Agriculture, leather, confectionery items, and biscuits are among the industries that would benefit from the new facility.