Exports to China up 5pc in Jan-May

BEIJING: Pakistan's export to China crossed $1.605 billion in first five months of 2022, up 5.42 percent year on year, showed data from General Administration of Customs of the People's Republic of China (GACC).

Badar uz Zaman, commercial counsellor at Pakistani Embassy in Beijing, said bilateral trade between the two friendly countries had increased despite Covid-19.

"Pakistani government is also fully committed to tapping its industrialisation potential and paying particular attention to construction of special economic zones to enhance its trade with other countries," he added.

Badar expressed that 2nd phase of China-Pakistan Free Trade Agreement provides zero-tariff market access for Pakistan's 313 major export commodities, and has promoted the country's manufacturing industry to expand production and exports, China Economic Net (CEN) reported on Tuesday.

"China-Pakistan free trade agreements would create more space for two countries’ service trade. The bilateral trade will cross $50 billion within next five years while this year, the trade will cross $32 billion,” he said. The total volume of trade between China and Pakistan has amounted to $12.06 billion, up nearly 19 percent compared with 2021, which was $10.14 billion due to Covid-19.