According to newspaper reports, trade volume between Pakistan and China has reached $16 billion, showing 12 percent annual increase. The cooperation in socio-economic sectors has also increased, showing a big jump in the bilateral trade during the last two years. Pakistan has also improved its position as the country’s exports to China have increased up to $4 billion.The reports suggest that the bilateral trade was registered at $5.2 billion in 2006 which jumped to $16 billion last year.Pakistan has become the second largest trade partner of China in the region.The growth in the economic relations started with signing of free trade agreement between the two countries.The Chinese investment in Pakistan has also recorded an unprecedented increase in recent months as there is a manifold increase in number of Chinese companies working in Pakistan.Currently, at least 10,000 Chinese workers are engaged in various projects, undertaken in the country.
According to reports, the two countries maintained momentum of their all-round partnership that was the result of frequent bilateral exchanges took place at various levels. Experts hope that the visit of Chinese President Xi Jinping to Pakistan will further upgrade and consolidate the bilateral relations between the two countries. China is expanding its economic relations not only with Pakistan, but also with other countries in the region, including Sri Lanka and Bangladesh. Pakistan is one of the major trade partners of China and Pak-China economic corridor project will be another milestone in the development of their bilateral relations.The economic corridor is not only a road project but also coversa wide-range of areas, including infrastructure and energy sectors.
The economic corridor project will benefit Khyber Pakhtunkhwa and Balochistan, however, its effects will be visible all over the country. China’s cooperation for the development of Gwadar Port and KarakorumHighway is unprecedented. According Ejaz A Mumtaz, the president of the Lahore Chamber of Commerce and Industry, there is still a great potential of bilateral trade with China, which needs to be further increased. The trade between the two countries is already increasing with leaps and bounds, but potential is much more than it is exploited. According to him, the Chinese businessmen are interested in carpets, leather products, surgical instruments, sports goods and rice. Pakistani and Chinese businessmen can invest in tourism, real estate, computer accessories and textile goods. There is a need to start joint ventures and both the countries can capture the world market.
