Pakistan, China agree on enhancing coop for export promotion under CPEC

ISLAMABAD-Pakistan and China have agreed on enhancing cooperation for export promotion under the umbrella of China Pakistan Economic Corridor (CPEC) for meeting Pakistan’s ambitious export target of upto $250 billion in two phases.

The federal government has set an ambitious target for Medium-Term Export Roadmap (MTER) to speedily enhance Pakistani exports to the world to $100 billion in the first phase and to $250 billion in second phase, official documents available with The Nation revealed. Interestingly Pakistan had achieved an export target of $31.8b during last 75 years, and now wants to enhance it to $100b within next five years, and to $250b in the second phase of MTER. The enhancing of cooperation for export promotion under CPEC has been agreed between China and Pakistan.

The Ministry of Planning, Development & Special Initiatives has drafted an MoU aiming to enhance Pakistani exports in Phase-1 to $100 billion within a period of five years. The memorandum of understanding (MoU) aims to strengthen the mutual cooperation under CPEC through a dynamic arrangement focusing on the promotion of Pakistani exports. Under the MoU, both the countries to work and collaborate to develop a holistic Medium-Term Export Roadmap (MTER) to speedily enhance Pakistani exports to the world to $100 billion in the first phase and to $250 billion in second phase. It has been agreed to set up a Sub-Working Group under the existing CPEC Long Term Plan Joint Working Group (JWG) framework consisting of leading public and private sector experts to conceptualize and materialize the MTER. The JWG will evaluate the existing trade, industrial, and investment policies and work on tradable sectors which can contribute to the MTER targets.