ISLAMABAD, Feb. 7 (INP): Pakistani exports to China are on the rise. Exports reached $1.72 billion in the first 7 months of FY24, a 46% increase compared to $1.1 billion during the same period last year. Gwadar Pro reported on Wednesday, quoting Federal Minister for Commerce, Industries and Production Dr. Gohar Ejaz. This increase of $544 million in seven months is a significant achievement and is the result of Pakistan’s renewed focus on China, and a testament to the strong economic ties between the two nations. Chairing a meeting on the $100 billionExport Vision at the Ministry of Commerce, the Minister laid out a roadmap to achieve this ambitious target in 5 years.

“From diversifying products and markets to streamlining processes and creating a favorable ecosystem for enhancing exports, it's all hands on deck”, he added. Pakistan’s imports from China remained relatively stable during this period with a nominal increase of less than one percent. Imports from China into Pakistan were recorded at $7.709 billion in the first seven months of FY24, compared to $7.658 billion during the same period last year. The Ministry of Commerce in Pakistan is playing a pivotal role in promoting trade of the country. Some recent initiatives and policies related to trade include the Launch of National Priority Sectors Export Strategy (NPSES).

The comprehensive strategy focuses on key sectors and aims to enhance export opportunities. The strategy aligns with Pakistan’s ambition to grow its trade and strengthen its position in the global market. The Ministry has also issued specific rules for the assessment and clearance of goods imported or exported through e-commerce channels. These rules facilitate smoother transactions and ensure compliance with e-commerce regulations, Gwadar Pro reported on Wednesday.

Credit: Independent News Pakistan (INP) — Pak-China