The visiting Chinese Trade Mission on Thursday signed agreements with 15 Pakistani companies to import cotton, chrome ore, marbles, leather, celestite, gur gum and rapeseed meal. A 50-member Chinese delegation presently visiting Pakistan, headed by Assistant Commerce Minister Wang Chao, held meetings with Pakistani officials and signed MoUs/agreements.
The Chinese business groups placed on-the-spot purchase orders for Pakistani products and the government expects a total deal of one billion dollar. China National Light Industrial Products I/E Corporation signed agreement with Pakistani company Zehri Corporation to import marbles.
Sharmeen Pakistan Limited to import cotton linters and cotton yarn while Sinochem Corporation of China signed agreement with Sinochem Hebei of Pakistan to import Celestite and with Black Diamond mines and minerals to import chrome ore.
Similarly, China National Native Produce and by Products I/E Corporation signed agreement with the S Tahir Iqbal Harman International to import leather, Sinosteel Corporation with Costal Enterprises to import Chrome Ore, China Minmetals Corporation with D-Tek International Limited Pakistan to import Chrome Ore, China National Township Enterprises Corporation with Gaziani Industries Limited to import gur gum.
The other agreements included China National Mineral Co Ltd with Crystal Minerals Corporation, Karachi to import Manganese Ore. China National Light Industrial Production Corporation with Ihsanullah Khan. Pakistan Stone Development Company to import marble and China Grains and Oils Group Corporation with Tayyab Razaq Sea Trade Limited to import rapeseed meal.
The Ministry of Commerce and Trade Development Authority organised a one-day mini exhibition on "Made in Pakistan," to providing an interaction opportunity to the Chinese importers with the Pakistani exporters. The Assistant Minister of China and the Secretary Commerce inaugurated the exhibition.
Addressing the opening ceremony, the Wang Chao said China attaches high importance to Pakistan's trade and commercial relations. He hoped the visit of the Chinese Trade Mission would help increasing Pakistani exports to China.
Addressing on the occasion, the Secretary Commerce Syed Asif Shah called upon the Pakistani business community to explore the plenty of opportunities available under the Pakistan-China Free Trade Agreement (FTA) operational since July 1, 2007. Pakistan has the potential of exporting to China some very important products of Chinese interest on which duty is zero under the FTA, he added.
Major sector covered in the display centres included textiles, marbles, agro products, fresh vegetable and fruits, engineering goods. The business people from both sides hoped that this initiative would let the exporters and importers to continue constant interaction for follow up and future action plans.
An official hand-out said during the Prime Minister's visit to China in April 2007, the Prime Minister met the Chinese Prime Minister and various other leaders including the Vice Premier Madam Wu Yi, who looks after the economic and trade affairs of the country.
In his meetings with the Chinese leadership, Prime Minister raised the issue of trade imbalance between the two countries in responding Chinese side assured that, in order to rectify the trade imbalance with Pakistan, China was ready to dispatch purchase mission to Pakistan.
During the Financial year 2006-07 (July-March), Pakistan's imports from China are recorded at 2.45 billion dollar. The major import products include all sorts of machinery, steel products, industrial chemicals synthetic yarn and fabric, tyres and tubes. The exports from Pakistan to China during the same period are recorded at 407 million dollar showing a trade balance of (-) 2.04 billion dollar.
The major exports include cotton yarn and fabrics, ores and non-ferrous metals, leather, fish and fish preparations, chemicals and cotton waste. Under the FTA both countries have eliminated or substantially reduced customs duty to enhance market access. Ministry of Commerce is planning to participate in the Guangzhou Export-Import Fair to exploit this opportunity and to help Pakistani exporters accessing Chinese market.
A joint study for five years trade development programme is also underway which would provide a road map for future course of action to fortify the trade relations between the two countries. China may consider faster conclusion of quadrilateral Transit Agreement between Pakistan, Kazakhstan and Kyrgistan.
Apart from the purchasing and trade activity of the mission, the Assistant Trade Minister and the official delegation have also witnessed the signing of following MoUs/Agreements/event, Exchange of Letters on Digital Seismic Network with EAD, handing over of Certificate on donation of 400,000 dollar in cash to EAD for repatriation of Afghan refugees, handing over of Certificate on donation of 200,000 dollar in cash to NDMA for flood relief work and signing of agreement on Pak-China Joint Investment Company.
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