Pakistan eyes to reduce massive trade deficit with China

The caretaker Minister for Commerce and Industries and Production, Gohar Ijaz reached China today. A high-profile business delegation is Dr Ijaz  is accompanying the minister.

The main objectives of the visit are to bridge the trade imbalance with China, bringing in Chinese investments and clients to Pakistan in various sectors of the economy.

The visit is a follow-up to the visit of the Prime Minister Anwar-ul-Haq Kakar in October this year. The sectors covered in the delegation’s visit include agricultural, electric vehicles, marble, cement, fertiliser, fruit & vegetable, home appliances, glass, chemicals and textiles.

The business sector of Pakistan will hold meetings with their counterparts in China for trade and investment and formation of joint ventures. On the sidelines of the official visit, B2B meetings have been arranged for the members of the delegation.

Pakistan is seriously concerned with the trade imbalances especially with China. China’s imports to Pakistan are $20 billion per annum whereas Pakistan’s exports are just $ 2 billion per annum.

The statistics show that China earned $ 100 billion from Pakistan through its exports during the last five years whereas Pakistan earned only $ 10 billion during this period.

The commerce minister will also brief the Chinese investors about the crucial role of the Special Investment Facilitation Council (SIFC) in streamlining their investments. “Pakistan is focusing on sectors such as agriculture, mining, new energy, and IT under the framework of the SIFC” said Dr. Ejaz.