BEIJING, Dec. 17 /DNA/ – “Both China and Pakistan enjoy their own competitive edge in the textile and garment sector. We’re willing to strengthen trade and investment cooperation with Pakistan in textile industry.”
This was stated by Zhang Xi’an, Vice President of China Chamber of Commerce for Import and Export of Textiles (CCCT), while taking to China Economic Net (CEN).
Bilateral trade has been increased since the second phase of China-Pakistan Free Trade Agreement came into effect in 2020, and more Pakistani products have been able to enter the Chinese market.
Tariffs on some 75 percent of goods from both sides have been gradually reduced to zero since 2020, which has provided access to China for more high-quality products from Pakistan.
“This agreement is not only a turning point for China-Pakistan trade and economic cooperation, but also a new opportunity for China-Pakistan textile industry cooperation,” Zhang said.
“On the one hand, China’s textile industry has accelerated the pace of investment all over the world these years. On the other hand, Pakistan has also provided incentives for Chinese enterprises investing in Pakistan,” he explained.
For example, in order to highlight to Chinese investors the comparative advantage of Pakistan’s textile sector, CPEC Authority on December 1 organized a meeting with CCCT and leading Chinese textile companies and investors.
Zhang Xi’an pinpointed the potential for China-Pakistan cooperation in textile. Take home textiles for instance. Pakistan is a major cotton producer in the world with a long history. In 2020, Pakistan exported home textiles worth USD 3.8 billion, accounting for 28% of its total textile and garment exports.
Pakistan is the third largest supplier of home textile products to the United States and the second largest supplier to the European Union.
It occupies an important position in the supply chain of the international home textile industry and has a high share in the international home textile market with strong competitiveness.
