“Xinjiang Uygur Autonomous Region plays an important role in Pakistan-China border trade. There’re more business opportunities to be spotted besides mango and citrus,” said Badar U Zaman, Commercial Counsellor of Embassy of Pakistan, while attending the seminar titled “Cloud Dialogue for Guest of Honor on Economic and Trade Projects” under EACT EXPO 2021.
Co-hosted by Secretariat of China-Eurasia EXPO and Trade Development Bureau, Ministry of Commerce of China, the 2021 Online (China) Eurasia Commodity and Trade Expo (EACT EXPO 2021) kicked off this week, with Pakistan as one of Guests of Honor.
At the opening ceremony, Pakistani Ambassador to China Moin ul Haque noted that the Expo will play a positive role in deepening Pakistan-China cooperation and trade and inject new impetus into Pakistan’s cooperation with Xinjiang.
“We have got a road network between Xinjiang and the northern parts of Pakistan. Besides, on both sides of the border we have set up bonded warehouses which could benefit exporters and importers,” Badar said, adding that the border trade between Pakistan and China through the Khunjerab Pass had increased these years after the signing of China Pakistan Free Trade Agreement (CPFTA) on 24th November 2006, which came into effect in July 2007.
According to State Bank of Pakistan (SBP), a turnaround was witnessed in the bilateral trade when both countries signed CPFTA, as more business opportunities and convenience have been brought to enterprises and more benefits have been brought to consumers.
“One of the fastest increasing sectors we have seen is seafood,” Badar said. In addition to seafood, Pakistan is also experiencing a strong demand for minerals and metals from the Chinese market.
Badar noted that there are numerous opportunities available and he welcomes all the investors, traders and businessmen to spot opportunities at the Expo.
The Expo was held under the theme of “building Silk Road trade platform and promoting win-win economic cooperation”.