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Tuesday, October 19, 2021

Pakistani traders can export 313 new products to China’s markets with zero duty

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With the implementation of the second phase of the China-Pakistan Free Trade Agreement, traders from Pakistan would get a chance to export 313 new products to Chinese markets, according to Dr. Firdous Ashiq Awan, special assistant to the prime minister on information and broadcasting.

In a series of tweets, the spokesperson for the prime minister said that Pakistan already had concession of zero duty facility on 742 products. With the implementation of the second phase of the free trade agreement, Pakistan would be allowed to export 1047 products to China. She said that this is good news for the people and friends of Pakistan and China.

In the coming days, Dr. Firdous Ashiq said that more good news about China-Pakistan Economic Corridor and bilateral friendship would come. She said that the free trade agreement is not the only manifestation of the bilateral friendship and unbreakable bonds but it would provide Pakistanis an opportunity to export their goods to Chinese markets with zero-duty.

CHINA’S MEAT MARKET: The special assistant expressed the hope that Pakistan’s textile sector would get the maximum benefit from this agreement. Besides, she said that the agriculture sector, leather product producers, confectionery and biscuits producers would also take full advantage of the agreement.

The Chinese media reported that China’s demand for meat imports is very large, and many exporters from Pakistan hope to sign a one-year contract immediately once China opens Pakistani meat exports, said Adnan Hafeez, secretary-general of the Preparatory Committee of the China-Pakistan Chamber of Commerce.

China has been importing meat from Vietnam, Brazil, and Australia to meet domestic demand. He said that once the quality of Pakistani beef and other meat meets China’s inspection and quarantine standards, they can enter the Chinese market.

According to data from market research and corporate management consulting company Market Insights, the global Halal food market is expected to grow 12.7 percent in the coming years. Pakistan has a considerable share of the Halal market and is in a good position. Pakistan has a relatively developed livestock industry and is the fourth largest meat producer in the world in terms of total livestock production.

The total livestock population in Pakistan is growing at a rate of 4.2 percent per year. Pakistan’s meat is currently mainly being exported to Gulf countries, Vietnam and Malaysia.

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Staff Writerhttps://www.thewallet.com.pk
The Wallet Team produces these stories.
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