Pakistan, China sign $325 million worth of Trade Agreements

Pakistan and China have signed 38 trade agreements, which amount to nearly 325 million US dollars, at a ceremony in Islamabad, officials said Friday.

The agreements were inked during the visit to Pakistan by a Chinese trade promotion group for economic and trading communication organized by the Ministry of Commerce of China, according to a document issued at the conclusion of the Aug: 9-11 visits.

In order to strengthen the economic and trade ties between China and Pakistan, to boost the bilateral pragmatic cooperation as well as the balanced development, China’s Ministry of Commerce organized a trade promotion group for economic and trading communication from 9th to 11th of August in Pakistan.

The Chinese trade group is composed of about 30 representatives, who are from textile industry, pharmaceutical, agricultural products, petrochemical industry, commercial trading and other fields.

China’s Ministry of Commerce and Ministry of Commerce Government of  Pakistan jointly organized the “Signing Ceremony of Pakistan-China Trade Cooperation Projects” in Islamabad.

More than 100 persons of relevant government bureaus, industry associations and enterprise representatives participated in the event.

In the conference, Deputy DG of Department of Foreign Trade of China’s Ministry of Commerce: Mr. Wang Dongtang, the Ambassador of the People's Republic of China to Pakistan: Mr. Sun Weidong and Secretary of TDAP, Pakistan: Mr Inam Ullah Khan made speeches respectively.

China suggested that with the accession to the WTO, Chinese government keeps opening up the market and expending import scale.

In 2016, the total quantity of imports amounted to 1.59 trillion US dollars, with which China has been ranking the second largest export quantity all around the world during eight consecutive years. It has been making significant contribution to both domestic development and global economy.

China and Pakistan have complementary field in economic and trade cooperation. Pakistan is China’s important economic and trade partner in Asia, the Chinese delegates said.

In recent years, the bilateral trade between the two countries maintained a fast growing tendency. Chinese products meet the daily needs of Pakistan people, and the technical equipment from china fit the demands of Pakistan constructions.

China's diversified consumer demands and advantages of production capacity have provided a broad market for the sales of Pakistan products. It has provided a huge market and variable opportunities for development of all countries including Pakistan.

The Chinese officials said China is in a continuous promoting stage of industrialization and urbanization, the upgrading of consumption structure and industrial structure becomes faster. China will constantly enforce positive import policy and open market to the whole world.

Along with the active implementation of “the Belt and Road” (B&R) Initiatives, China will also unceasingly optimize the structure of originals of import. China will hold the China International Import Fair in 2018, welcome friends from Pakistan to our exhibition!

The Pakistan representative suggested that the trade promotion group organized by China’s Ministry of Commerce provides a practical method to promote the economic and trade ties between the two countries. It shows that Chinese government highly appreciates the bilateral trade and it will surely promote win-win cooperation and strengthen the Pakistan-China trading relations.