Pakistan Establishes 20 Trade Posts in China to Boost Exports
To bolster economic ties with China, Pakistan has authorized the establishment of 20 new positions within its Trade Mission in China, an initiative aimed at enhancing exports, securing foreign direct investment, and fostering the relocation of Chinese industries to Pakistan. According to official sources cited by Business Recorder, the Commerce Division presented this plan to the Economic Coordination Committee (ECC), highlighting the significant trade imbalance between Pakistan and China. In the 2023-24 fiscal year, Pakistan’s exports to China amounted to $2.56 billion, while imports from China soared to $14.51 billion, resulting in a $12 billion trade deficit.
The Pakistani government, led by the Prime Minister, is prioritizing economic diplomacy to rectify this disparity, directing the development of a comprehensive strategy to engage Chinese businesses and authorities effectively. This approach includes hiring local staff in China to support bilateral business engagements. Collaborative efforts between the Ministry of Commerce, the Board of Investment (BoI), and the Ministry of Foreign Affairs led to the Prime Minister’s endorsement of these new trade roles. The Finance Division further supported this plan with a supplementary grant of Rs 226.7 million, on top of the existing Rs 5.5 billion budget, ensuring adequate resources for trade missions.
These newly created trade posts underscore Pakistan’s commitment to expanding trade, enhancing foreign direct investment, and promoting the transfer of Chinese industries to Pakistan, with the ECC’s backing for strengthened trade diplomacy between the nations.