According to official figures from the People’s Republic of China’s General Administration of Customs (GACC), Pakistan’s exports to China exceeded $1.605 billion in the first five months of 2022, an increase of 5.42 percent year on year.
According to Badar uz Zaman, Commercial Counsellor of the Pakistani Embassy in Beijing, bilateral commerce has expanded dramatically despite the COVID-19 pandemic. “The Pakistani govt is also completely dedicated to realising its manufacturing potential, with a particular focus on the development of special economic zones to boost commerce with other nations,” he said.
According to China Economic Net (CEN), Badar stated that the second phase of the China-Pakistan Free Trade Agreement gives zero-tariff market access for Pakistan’s 313 key export commodities and has tremendously encouraged Pakistan’s manufacturing industry to grow production and exports.
“Free trade agreements between China and Pakistan will make greater room for Pak-China service trade.” Within the next five years, bilateral commerce will exceed $50 billion. “Bilateral commerce will exceed $32 billion this year,” he predicted.
The entire volume of commerce between China & Pakistan has increased by about 19% from 2021 when it was $10.14 billion because of COVID-19. sesame seeds, Rice, pine nuts, seafood, textiles, and other agricultural items have risen year on year in trade between the two nations, promoting Pakistan’s economic recovery.