An 11-member Chinese purchase-mission will visit Pakistan early next month to import goods of their urgent requirements. The visit is a part of the ongoing efforts to enhance bilateral trade and correct the balance of payment position between the two countries.
Sources told newsmen here on Wednesday that the Chinese government was conscious of the fact their current balance of the trade that was heavily in favour of China, needs to be improved.
Chinese Premier Wen Jiabao during his recent visit to Pakistan had assured to develop the bilateral trade in accordance with their countries economic interests.
The purchase-mission, led by an official of Chinese Commerce Ministry, would be mainly interested in buying items like cotton yarn, cotton linters, cotton waste, polyester waste leather and guargum, the sources added.
It may be mentioned here that Pakistan's export to China shown an upward trend, registering an increase of about 36 percent in the recent nine months.
The export was amounted to around 612 million dollars from January to September, whereas it was 448 million dollars in the corresponding period last year.
According to the Chinese Custom Authority, there was a considerable increase in the export items like cotton yarn, cotton fabric, leather, chromium ore, copper and chemical.
The Chinese side calculates the export figures on the basis of the origin of the exported items, including those come to the mainland through Hong Kong and the Chinese financial calendar is counted from January to December.
There is still a great room for enhancing the export, particularly of non-traditional items including sport and engineering goods, handicrafts, furniture, surgical instruments, marble, onyx, jewellery and agro-based products.
Pakistan's export to China is likely to get further boost, when tariff on a number trading items would be reduced to zero under the Early Harvest Programme (EHP), to be effective from January 2006.
The sources hoped the trade volume would increase in the coming months, when the list of export's items to China would also include rice, mango and some other agro-based products. He was confident that Pakistan's annual export to China would reach around 800 million dollars by the end of December.
An official of the Chinese Commerce Ministry suggested that maximum number of Pakistani businessmen should visit China to explore the new openings in the trade sector.
The official explained that the World Trade Organisation had reduced the government's role in developing foreign trade, adding now it would be up to the private sector to grab the opportunities, reinforcing business interaction on country-to-country level.
According to the economic experts, there are very favourable indications for the two countries to take their overall trade to around eight to 10 billion dollars by the end of 2008, when tariff on most of the items would be brought to zero under the EHP.
The leadership of the two countries is agreed that the bilateral trade does not match their economic potential and the exemplary diplomatic ties. Therefore, the two sides are now engaged in laying greater thrust on the development of mutually beneficial co-operative partnership.
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