China sets sights on $32tr trade volume, open to inclusion of Pakistan

December 21, 2023 (MLN): China aims to increase its trade volume from $27 trillion to $32 trillion and is willing to include Pakistan in this expansion, as stated by Yang Guangyuan, the newly appointed Economic Counsellor of China to Pakistan, during a meeting with the Commerce Minister, Dr. Gohar Ejaz, on Wednesday.

According to a press release issued on the day, Yang Guangyuan paid a courtesy call to the Commerce and Industries Minister.

The meeting followed two successful visits to China by Dr. Ejaz which are a part of the intensified interaction between the two countries in the field of trade.

Guangyuan extended warm congratulations to Dr. Ejaz for his successful visit to China, emphasizing the positive initiatives taken to foster economic cooperation between the two nations.

Minister Ejaz conveyed the warmth and hospitality extended by the Chinese officials during his visit to China.

Dr. Ejaz highlighted that the primary purpose of his recent visit to China was to witness first-hand the remarkable progress China has achieved on the one hand and to seek new market segments for Pakistani exports on the other hand.

He unveiled an ambitious 5-year vision to boost trade between Pakistan and China, setting a target of $ 25 billion for Pakistan’s exports.

Guangyuan welcomed the Minister’s sentiments for increasing bilateral trade and economic cooperation and expressed China's commitment to stand with Pakistan, emphasizing the deep-rooted friendship between the two countries as "iron brothers."

Dr. Ejaz emphasized his vision for Pakistan's economic progress through "trade not aid," resonating with Mr. Guangyuan's sentiments.

Potential collaboration between the countries in setting up export processing zones was also discussed.

The Chinese side expressed its interest in relocating industry from China and thus utilizing Pakistan's export processing zones and cost-effective labor for accessing African and Central Asian markets.  

The commerce minister offered access to Central Asian Republics through Pakistan, highlighting the strategic and economic route it provides to China which Yang expressed his interest in exploring this opportunity for mutual benefit.

Guangyuan welcomed the Minister’s sentiments and invited him to visit China's Guangzhou and Shandong provinces next month to further enhance bilateral trade ties.

Both leaders expressed optimism about the future of economic cooperation and pledged to work together to achieve the shared goal of increased trade and prosperity.

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