Commerce Minister Dr. Gohar Ejaz’s leadership of a top-tier business group on a three-day China visit signifies a crucial stride for Pakistan’s economic resurgence. This strategic initiative aimed to amplify Pakistan’s exports and financial health.
Confronted with daunting economic challenges, Pakistan sought a robust turnaround. The major focus is to strengthen economic resilience through foreign investments and expanded trade horizons. This visit signifies a concerted effort to deepen trade ties with China, a principal commercial ally.
China’s key exports to Pakistan encompassed Broadcasting Equipment ($1.7 billion), Refined Petroleum ($1.51 billion), and medical supplies including Vaccines and blood products ($1.48 billion). Witnessing a steady growth trajectory, these exports surged at an annual rate of 15% over 26 years, escalating from $616 million in 1995 to a substantial $23.5 billion by 2021.
Last year, Pakistan’s export revenue surged to $39.42 billion, a substantial 24.94 percent rise from 2021. With ambitious targets looming ahead, $50 billion in exports over the next five years, scaling up to $100 billion in the longer term.
Dr. Ejaz’s journey, a direct sequel to Prime Minister Anwaar-ul-Haq Kakar’s earlier China trip, carries high stakes and expectations. Addressing the trade imbalance with China topped the agenda. Pakistan imported goods worth about $20 billion from China but exported only $2 billion in return. Redressing this disparity is the key to Pakistan’s trade strategy.
China’s vast market is a beacon of hope for Pakistani exports. Dr. Ejaz suggested that enhanced trade with China could be the antidote to Pakistan’s economic woes, including the current account deficit.
The delegation’s extensive business-to-business dialogues, and scanning opportunities in agriculture, electronic vehicles, marble, cement, fertilizer, fruits and vegetables, home appliances, glass, chemicals, and textiles are the key points in the meeting. A visit to a major technology hub near Beijing, often dubbed China’s Silicon Valley, is also on the cards, potentially unlocking doors to technological cooperation and investment.
This trip underscored Pakistan’s dedication to revamping its trade framework, signaling a proactive stance towards economic resurgence and stability. As Pakistan steered towards fortified ties with China, expectations ran high for a future of dynamic trade and enduring economic health.
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