$100 billion export vision: Pakistan eyes to reduce trade deficit with China

A 20-member delegation representing all sectors of Pakistan’s export sector will leave for China on Sunday, as the country aims to enhance its exports to $100 billion and reduce its trade deficit with the neighbouring ally.

The development was shared by Dr Gohar Ejaz, Federal Minister for Commerce & Industries on Saturday, via a video message on the social media platform X, formerly known as Twitter.

“Pakistan has a massive trade volume with China,” said Dr Ejaz. “Pakistan imports goods worth $20 billion from China. However, only a meagre $2 billion is exported to the neighbouring country,” he noted.

“In the past three months, we conducted several exercises with a vision to increase Pakistan’s exports from the current $30 billion to $100 billion. In this regard, we have seen the largest potential in China, and I believe that we need to shrink this trade deficit,” he said.

“We conducted meetings with textile exporters and manufacturers of the non-textile sector and gauged the potential of these industrialists. We have selected a 20-member delegation, which will be heading to China to explore new markets,” he said.

The caretaker minister said that Pakistan has the capacity and the potential.

“I believe China is our biggest potential, we can end our economic woes i.e. current account deficit by reducing our trade deficit with China, this is the core purpose for our visit,” he added.

In a text message on social media platform X, Dr Ejaz said that the visit to China would mark the beginning of Pakistan’s journey towards export-led growth.

The caretaker minister informed that the decision comes after meetings with the Industry Advisory Council and Export Advisory Council (EAC) for textile and non-textile sectors where “it was decided that the road to export growth passes through China”.

“I would like to express my gratitude to the Chinese Ambassador in Pakistan, Jiang Zaidong, and the Pakistan Ambassador in China, Khalil Hashmi, as well as China’s Ministry of Commerce for facilitating Pakistan to promote trade with China,” wrote Dr Ejaz.

The EAC on Friday held its inaugural meeting under the chairmanship of Caretaker Minister for Commerce charting the course for Pakistan’s $100 Billion Export Vision.

The council considered proposals to elevate domestic exports to $50 billion within the next five years.