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XINHUA-PAKISTAN SERVICE

Pakistan gets opportunity to correct trade imbalance with ChinaBreaking

August 28, 2018

BEIJING, Aug 28 (INP): The forthcoming China International Import Expo (CIIE) will be a big opportunity for Pakistan to shift the balance of trade with its long-term strategic partner into a more mutually beneficial situation, officials said here on Tuesday. For some time now, Pakistani traders have been talking about the trade imbalance with China. Pakistan has developing industrial potential but it can't match China. However, the November this year’s expo (CIIE), is a best opportunity to improve the situation, says a media report, quoting the officials. China has come up with a novel plan for encouraging imports from its trading partners - The expo, which will be held from November 5 to 10, offers a chance for global manufacturers and producers to showcase their products in order to gain access to China's market. Pakistan is one such country, which is undergoing massive infrastructure development to align itself with global transportation and communication networks. The China-Pakistan Economic Corridor (CPEC) will create an advanced network of roads, railways and a deep-sea port that will boost trade with China, Central Asia and Europe. The Chinese government has granted the status of "Guest of Honor" to Pakistan at the CIIE. This will ensure the provision of all possible facilities and benefits to the Pakistani pavilion. The gesture also shows the level of commitment in China to make Pakistan part of a shared future. Pakistan has a largely agrarian economy. With the help of Chinese scientists, local agriculture specialists have successfully introduced modern farming techniques. Hybrid rice and hybrid wheat have been the most successful products, seeing a marked increase in yield. Meanwhile, Pakistani mangoes are also doing well; 10,000 tons of them are expected to be exported to China by the end of this year. To take advantage of China's food market, Pakistani producers at the CIIE can offer their own unique and cost-effective products. A bigger share of the market in China would translate into higher revenues, improved quality and a wider product range. Apart from food, there are other Pakistani products with immense potential for export to China, including onyx stones, minerals and surgical items. The expo organizers were initially expecting around 150,000 purchasing agents, but they have so far registered over 160,000. This massive participation will present Pakistan with access to markets in other countries as well. As foreign buyers experience the previously unexplored Pakistani prospects, new windows of trade will open. Thus, Pakistani businesses will expand not just into China, but also internationally. China is also adjusting tariffs on certain products, such as nuts from Pakistan, in order to meet the demand among domestic consumers. The CIIE is a sign of China's trade liberalization. It is proof that China is willing to open its markets to the world and offer equal opportunities. With protectionist waves coming from the West, China is standing steadfast in upholding multilateral practices for trade and globalization. If the new economic order recognizes this, a collectively profitable future can be achieved. INP/J/SB