Charting a Transformative Export Journey: Pakistan-China Collaboration within CPEC
Pakistan and China are forging an unprecedented partnership to bolster their export capabilities through the China Pakistan Economic Corridor (CPEC). This strategic collaboration aims to realize Pakistan's ambitious export goals, which are set at an astounding $250 billion, to be achieved in two distinct phases.
The federal government of Pakistan has charted an ambitious roadmap called the Medium-Term Export Roadmap (MTER). This roadmap outlines a swift progression of Pakistani exports, initially targeting $100 billion in the first phase and subsequently surging to $250 billion in the second phase. It's noteworthy that Pakistan's historical exports over the past 75 years have only amounted to $31.8 billion, making these new targets exceedingly ambitious. The newfound cooperation between China and Pakistan in the realm of export promotion under CPEC is a pivotal development.
The Ministry of Planning, Development & Special Initiatives has taken concrete steps towards this goal by drafting a Memorandum of Understanding (MoU). This MoU seeks to fortify the collaborative efforts within the CPEC framework, with a specific focus on elevating Pakistani exports. Within the ambit of this MoU, both nations commit to crafting a comprehensive Medium-Term Export Roadmap (MTER) to expedite the ascent of Pakistani exports to the global stage. To operationalize this vision, a Sub-Working Group will be established under the existing CPEC Long Term Plan Joint Working Group (JWG). Comprising eminent experts from the public and private sectors, this group will be tasked with conceptualizing and actualizing the MTER. The JWG's mandate includes a thorough evaluation of existing trade, industrial, and investment policies, identifying sectors with the potential to contribute significantly to the MTER's targets.