BEIJING,: Enhancing Sino-Pak national quality infrastructure connectivity will reduce trade deficit between the two countries, says a report published by China Economic Net (CEN) on Friday.
According to the report, to reduce Sino-Pak trade deficit and boost trade facilitation, a research on China-Pakistan quality infrastructure establishment and connectivity was initiated by the Development Research Center, State Administration of Market Regulation of China.
Data from China Customs shows that the trade deficit between China and Pakistan from Jan to Dec 2021 amounted to $20.66 billion. Currently, lack of connectivity between the two countries’ National Quality Infrastructure (NQI) has inevitably built trade barriers, which requires more attention from both sides.
Undertaken by Taizhou Institute of Standardization and Chinese universities, etc., the research is to study the trade deficit between China and Pakistan, by discovering the difficulties and obstacles hindering trade facilitation, to promote Sino-Pak industrial cooperation in agriculture, machinery, etc. through quality infrastructure connectivity.
In recent years, increasingly more economic cooperation is happening between Taizhou and Pakistan, which provides experience and a frame of reference for further connecting the two countries’ national quality infrastructure.
It’s learned that in the agricultural sector, the research team will formulate a China-Pakistan Agricultural NQI Cooperation Agreement by using the experience of Jiangsu Hongqi Seed Industry Co., Ltd.’s rice seed business with overseas for reference. For electronics, the team will complete an NQI mutual recognition standard, too.
More significantly, in the electric vehicle sector, which is of Pakistan’s great concern and interest, a guide to manufacturing investment in Pakistan in terms of standardization for Chinese businesses will be finalized to speed up Sino-Pak EV cooperation in the days to come.
“We encourage Chinese enterprises to invest in the whole industry chain in Pakistan, not just in CKD assembly plants. Through our technology and equipment exports and capacity transfer, Pakistan’s basic industrial supporting capacity can be rapidly stimulated,” Philip Jian, Pakistan’s Honorary Investment Counsellor in China earlier said.
“We have been focusing on enhancing NQI connectivity with foreign countries like Thailand for improving trade facilitation. Hope our new NQI research on Pakistan will fuel economic cooperation between us in the future,” Wu Wei, Director, Taizhou Institute of Standardization added.