Free Trade Zones

Exports to China up 5% in January-May

BEIJING (Reuters) – Pakistan’s exports to China topped $1.605 billion in the first five months of 2022, up 5.42% year on year, data from China’s General Administration of Customs showed. People’s Republic of China (GACC).

Badar uz Zaman, commercial counselor at Pakistan’s embassy in Beijing, said bilateral trade between the two friendly countries had increased despite the Covid-19.

“The Pakistani government is also fully committed to harnessing its industrialization potential and paying close attention to building special economic zones to enhance its trade with other countries,” he added.

Badar said the 2nd phase of the China-Pakistan free trade agreement provides duty-free market access for Pakistan’s 313 main export products and encouraged the country’s manufacturing industry to increase production and its exports, China Economic Net (CEN) reported on Tuesday.

“The China-Pakistan free trade agreements would create more space for the two countries’ trade in services. Bilateral trade will exceed $50 billion in the next five years, while this year the trade will exceed $32 billion. dollars,” he said. The total trade volume between China and Pakistan totaled $12.06 billion, up almost 19% from 2021, which was $10.14 billion due to Covid-19.