China Strives for Balanced Trade with Pakistan
Creating Opportunities for Pakistani Exporters
LAHORE: The Chinese Consul General in Lahore, Zhao Shiren, has highlighted China’s comprehensive efforts to achieve balanced trade with Pakistan, aiming to create more opportunities for Pakistani exporters. During his recent visit to the Lahore Chamber of Commerce and Industry (LCCI), Zhao emphasized that bilateral trade between the two nations had significantly increased, reaching $16.2 billion in the financial year 2023-24.
China’s Commitment to Balanced Trade
Zhao Shiren pointed out that while China has been the primary beneficiary in the trade relationship, the country is keen on narrowing the trade deficit by encouraging more imports of Pakistani products. He reiterated China’s intention to foster stronger business-to-business (B2B) links and promote public-private partnerships for mutual economic benefits.
Enhancing B2B Links and Public-Private Partnerships
Speaking at the LCCI, Zhao expressed optimism about the potential for enhanced collaboration under initiatives like the China-Pakistan Economic Corridor (CPEC). He believes such initiatives will lead to a more balanced and prosperous trade relationship. Zhao appreciated the dynamic leadership of the LCCI and expressed hope for stronger ties between the two institutions.
Facilitating Trade Delegations and Chinese Companies
The consul general underscored the consulate’s efforts to promote engagements between visiting Chinese delegations and the LCCI, as well as facilitate interactions with Chinese companies operating in the region. He announced plans to enhance support for Chinese language courses through the LCCI to improve communication and business relations.
Awareness Sessions and Positive Narratives
Zhao proposed organizing awareness sessions on Pakistan-China relations, similar to the LCCI’s economic and policy advocacy initiatives. He assured them of the consulate’s cooperation in holding such events and emphasized the importance of showcasing the positive narrative of CPEC and exploring new avenues for collaboration.
Addressing the Trade Imbalance
LCCI President Mian Abuzar Shad acknowledged China’s assistance in stabilizing Pakistan’s economy, including the rollover of loans. However, he underlined the need to address the imbalance in trade, which is heavily in favor of China. Shad shared statistics showing that bilateral trade increased from $11.7 billion in 2022-23 to $16.2 billion in 2023-24, with imports from China reaching $13.5 billion while Pakistan’s exports stood at $2.7 billion.
Potential for Increased Pakistani Exports
Shad emphasized Pakistan’s potential to export more products to China, particularly textiles, halal food, and other value-added goods. He called for maximizing the benefits of the free trade agreement, highlighting the vast scope for sectors like textile, halal food, and agriculture.
Diversifying Pakistan’s Exports
LCCI Vice President Shahid Nazir Chaudhry stressed the importance of diversifying Pakistan’s exports to China. He mentioned coal, medicines, surgical instruments, corn, fresh fruits, and salt as potential products that could be exported. Chaudhry proposed regular visits of trade delegations to enhance B2B linkages and assured the LCCI’s support for such initiatives.
Conclusion
China’s efforts to achieve balanced trade with Pakistan and create opportunities for Pakistani exporters are commendable. By fostering stronger B2B links, promoting public-private partnerships, and enhancing communication through language courses and awareness sessions, both countries can work towards a more balanced and prosperous trade relationship. The LCCI’s leadership and proactive approach in diversifying exports and maximizing the benefits of the free trade agreement will play a crucial role in achieving this goal.
FAQs
1. What is the current trade volume between China and Pakistan?
The bilateral trade volume between China and Pakistan reached $16.2 billion in the financial year 2023-24.
2. What products does Pakistan export to China?
Pakistan exports textiles, halal food, and other value-added goods to China. There is also potential for exporting coal, medicines, surgical instruments, corn, fresh fruits, and salt.
3. How is China supporting Pakistani exporters?
China is encouraging imports of Pakistani products, fostering stronger B2B links, promoting public-private partnerships, and enhancing support for Chinese language courses to improve business communication.
4. What role does the LCCI play in enhancing trade relations with China?
The LCCI promotes engagements between Chinese delegations and local businesses, supports trade delegations, and advocates for policy initiatives that enhance trade relations between the two countries.
5. What are the benefits of the China-Pakistan Economic Corridor (CPEC)?
CPEC aims to enhance economic collaboration, improve infrastructure, and promote balanced trade between China and Pakistan, leading to mutual economic benefits.
