Pakistan Witnesses Almost 70% Increase In Exports To China In First Quarter Of 2021
Pakistan recorded almost a 70% increase in exports to China in the first quarter of 2021.
This was disclosed by Pakistan’s ambassador to China, Moin ul Haque, in a Twitter post on Wednesday.
“Impressive figures of Pakistan’s exports to China in 1st quarter of the year 2021. $888 million as compared to 2020′ Q1 $526 million. An increase of 69%,” the ambassador tweeted.
Haque praised the officials at the embassy and the consulates for boosting the South Asian country’s exports to China.
He also encouraged them to “keep this momentum to achieve a historical record in 2021.”
Impressive figures of Pakistan’s exports to China in 1st quarter of year 2021. $888 million as compared to 2020' Q1 $526 million. An increase of 69%. Well done my team at the Embassy and all Consulates General. Let us keep this momentum to achieve a historic record in 2021.
— Moin ul Haque (@PakAmbChina) May 4, 2021
Last year, the Phase II of the China-Pakistan Free Trade Agreement (CPFTA-II) came into effect.
The agreement allows Pakistani manufacturers and traders to export around 313 new products to the Chinese market with zero duties.
Pakistan is already enjoying zero duties on exports of 724 products to China under the first free trade pact signed between the two states in 2006.
After implementing the second pact, Pakistan has now been granted to export more than 1,000 products to China with zero duties.
The new facility is mainly benefiting the agriculture, leather, confectionary items, and biscuit product sectors.
In 2019, Pakistan inked an agreement with China to use Chinese currency for bilateral trade to eliminate the dollar ‘burden’ in the $15 billion bilateral trade.
According to official data, Pakistan and China’s bilateral trade volume grew to some $15.6 billion in the 2019 fiscal year, up from $2.2 billion in 2005.
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