PCJCC chief for vigorously tapping Chinese market

LAHORE: Wang Zihai, President Pak China Joint Chamber of Commerce and Industry (PCJCC) said that China was a huge consumer market with increasing buying power, and there was a greater demand of all kinds of Pakistani commodities in China.

Local exporters should vigorously tap the Chinese market by producing high-quality products and establishing good brands, stated by President PCJCCI during a think tank session which is held Wednesday at PCJCCI premises.

He added Pakistan should spare no efforts to further strengthen the Pakistan-China trade relations. He said country’s exports to China increased by 34 percent to 2.33 billion dollars during the fiscal year 2020-2021 (July 1-June 30), as compared to 1.74 billion dollars in the previous fiscal year. Leather, textiles, seafood and agricultural products were among the major products exported to China during the period.

Wang Zihai also added that the traditional friendly relations between Pakistan and China had become more pragmatic and productive with time. A new awareness is seen among the Pakistani exporters, who previously preferred the European, US and other markets. These Pakistani businessmen, with the help from the government, started to see the Chinese market opportunities.

Ehsan Choudhry, Senior Vice President PCJCCI said the Pakistan-China trade volume had shown an upward trajectory over the years. According to official figures from the Ministry of Commerce of Pakistan, in the year 2018 the trade volume between the two countries was 16.4 billion dollars, seeing a jump from 4.8 billion dollars in 2007.

He added the recent upward trend in exports to China was encouraging. Pakistani manufacturers need to understand the Chinese market and should focus on improving the quality and standard of their products to be exported to China to further increase exports.

PCJCCI Vice President Sarfaraz Butt said China was the second-largest export destination for Pakistan and the government had been making all-out efforts to further boost exports to China by promoting industrialization in the country, providing special subsidies to the business community and working closely with the Chinese government and enterprises to get know-how about the Chinese market requirements.

In addition, the implementation of the second phase of the free trade agreement (FTA) between Pakistan and China last year had paved the way for the substantial and sustained growth of the bilateral trade, as Pakistani traders were now allowed to export 313 new products to the Chinese market on zero duty.

PCJCCI Secretary General Salahuddin Hanif said that under the previously-signed first phase of the pact, the country had been already enjoying zero duties on exports of over 700 products to China.

Besides, a number of Chinese companies have been cooperating with local enterprises to enhance their production capacity, quality and exports of Pakistani commodities by providing modern technology and equipment.

He also said that special economic zones being established under the China-Pakistan Economic Corridor (CPEC) would promote industrialization in the country and boost exports to not only China but other countries as well to help Pakistan to earn valuable foreign exchange. Pakistan also needs to make more presence in Chinese market by extensively advertising its characteristic products and actively participating in expos and events in China.