Lahore: Vice President, Pakistan Businesses Forum (PBF) Ahmad Jawad said
Government must renegotiate some more provisions of its trade deal with Beijing with the exclusive purpose of promoting exports to Chinese markets.
In a statement on Saturday, he said after implementation of the second pact of the FTA, Pakistan has been now allowed to export more than 1,000 products to China with zero duties. The new facility is particularly benefiting the agriculture, leather, confectionary items, and biscuits product sectors as well.
As in the 1st quarter of 2021, Pakistan’s exports to China rose to $888 million as compared to 2020′ Q1 $526 million. An increase of 69%. Pakistan exports to China during 2020 grew by 17.5% to reach USD 2.12 billion.
Similarly in a major development, Pakistan has won China’s approval for meat export after a private sector company established a heat treatment facility to remove virus, if any, from export consignments. As China is the largest producer and importer of $15 billion meat in the world.
“China has a great demand for meat and poultry and it could be lucrative international
market for Pakistan and both countries must work together for removal of technical
barriers like SPS and quarantine requirements,”
In terms of exploring meat export to China, Pakistani livestock boasts rich endowment
with the world’s 2nd largest herd size of Buffaloes, 7th largest of Cattle, 4th largest of
Goats and 12th largest of Sheep.
PBF official also said China and Pakistan have potential for symbiotic trade relations, whereby China can take advantage of the low-cost production resources available in Pakistan, and Pakistan can benefit from the technology and financing that China has to offer.