Prime Minister's Advisor on Commerce, Textile, Industries and Production, Abdul Razak Dawood is in China to seek further cooperation in trade and investment including more quotas for rice and sugar, well informed sources told Business Recorder.

Dawood who is scheduled to attend WTO's mini ministerial meeting in Shanghai to discuss the multilateral trading system amongst the member countries, will also meet Chinese Minister Trade to discuss implementation on second phase of Free Trade Agreement (FTA), commencing from December 1, 2019.

According to sources Razak Dawood will request Chinese Trade Minister for allocation of special quota for Pakistani rice and sugar.

Previously, China granted special quota of $1 billion for import of cotton yarn, rice and sugar.

The previous package covered sugar, rice and cotton yarn export to China. Under the package 300,000 metric tons of rice, 200,000 MT of sugar and 350,000 metric tons of cotton yarn was to be exported to China. However, Pakistan did not utilize the quota of cotton yarn due to increase in price of yarn in the domestic market.

Razak Dawood is also expected to update Chinese authorities about the incentives being given in the Special Economic Zones (EPZs) and Gwadar Port and SEZ. The sources said, Abdul Razak Dawood would urge Chinese companies to relocate in Pakistan's SEZ's where substantial incentives have been offered to foreign investors.

Copyright Business Recorder, 2019