By Abdul Wajid Khan ISLAMABAD, Feb. 24 (INP-Wealthpk) The Ministry of Commerce is taking steps to boost trade with China and other Asian countries besides considering a proposal to open new trade missions in Singapore and the Philippines, as Pakistan’s commercial presence in these countries will be instrumental in increasing its exports. According to a written statement submitted by the ministry to the National Assembly, the bilateral trade in 2020-21 reached $17,508 million, owing to the addition of significant features to Phase-II of China–Pakistan Free Trade Agreement (CPFTA) which, inter alia, include immediate market access on 313 items of Pakistan’s prime export interest, more robust safeguard measures, inclusion of balance of payment clause and Electronic Data Exchange (EDE) to curb under invoicing and mis-declaration of goods. Pakistan’s exports to China in 2020-21 were $2,331 million, while imports [from China] stood at $15,777 million, said the statement. The commerce ministry’s written statement said in order to enhance market access to Pakistani products for Malaysia, a free trade agreement (FTA) – Malaysia Pakistan Closer Economic Partnership Agreement (MPCEPA) – is operational. After signing the FTA, Pakistan’s exports to Malaysia witnessed an increasing trend, registering an increase from $81.3 million in 2006-07 to $138.06 million in 2007-08. Currently, Pakistan’s exports stand at $239.3million, which is three times the pre-FTA export value. Negotiations are also underway with Indonesia to broaden the scope of existing PTA (Preferential Trade Agreement) to an FTA. Indonesia Pakistan Preferential Trade Agreement (IP-PTA) has been operational since 2013. As a result of persistent trade diplomacy, Pakistan gained unilateral “zero duty” market access on 20 tariff lines of its export interest. A notification to this effect has been issued by the Government of Indonesia and the newly granted market access is operational since 1st March, 2019, it added. The ministry added that negotiations are underway to secure market access at preferential rates in Thailand by signing a free trade agreement, and to this end, nine rounds of negotiations have been held to date. Currently, both the countries are finalizing their respective offers on the request list of priority 200 tariff lines. Pakistan has also established a monitoring committee with Japan, which is a cross-institutional mechanism to address the issues being faced by the business community on both sides and to facilitate a hassle-free bilateral trade. For Vietnam, it added, Pakistan is exploring the possibility of entering into an Extended Cumulation arrangement to enhance quality and quantity of its exports. Furthermore, the 5th meeting of Pakistan-Vietnam Joint Trade Committee is expected to be held in the last quarter of 2021. Pakistan is facing severe economic difficulties due to the very low volume of exports and large trade deficit. A significant increase in exports is needed through upgradation of manufacturing sector and diversification of exportable products. It is believed that in subsequent years, the country will be able to strengthen its manufacturing capacity to boost exports through the special economic zones of China-Pakistan Economic Corridor (CPEC).