Commerce Minister Dr. Gohar Ejaz and Chinese Economic Counsellor Yang Guangyuan Paves the Way for Stronger Economic Ties

Islamabad, December 20, 2023:

The newly appointed Economic Counsellor of China to Pakistan, Mr. Yang Guangyuan paid a courtesy call on the Commerce and Industries Minister Dr. Gohar Ejaz today. The meeting followed two successful visits to China by Dr. Ejaz which are a part of the intensified interaction between the two countries in the field of trade.

Mr. Guangyuan extended warm congratulations to Dr. Ejaz for his successful visit to China, emphasizing the positive initiatives taken to foster economic cooperation between the two nations. Minister Ejaz conveyed the warmth and hospitality extended by the Chinese officials during his visit to China.

Dr. Ejaz highlighted that the primary purpose of his recent visit to China was to witness first-hand the remarkable progress China has achieved on one hand and to seek new market segments for Pakistani exports on the other hand. He unveiled an ambitious 5-year vision to boost trade between Pakistan and China, setting a target of $ 25 billion for Pakistan’s exports.

Mr. Guangyuan welcomed the Minister’s sentiments for increasing bilateral trade and economic cooperation and expressed China’s commitment to stand with Pakistan, emphasizing the deep-rooted friendship between the two countries as “iron brothers.” He conveyed China’s goal to increase their trade volume from the current $27 trillion to $32 trillion in the coming years, affirming China’s willingness to include Pakistan in this trade expansion.

Dr. Ejaz emphasized his vision for Pakistan’s economic progress through “trade not aid,” resonating with Mr. Guangyuan’s sentiments. Potential collaboration between the countries in setting up export processing zones was also discussed. The Chinese side expressed its interest in relocating industry from China and thus utilize Pakistan’s export processing zones and cost-effective labour for accessing African and Central Asian markets.

The Commerce Minister offered access to Central Asian Republics through Pakistan, highlighting the strategic and economical route it provides to China which Mr. Yang expressed his interest in exploring this opportunity for mutual benefit.

Mr. Guangyuan welcomed Minister’s sentiments and invited him to visit China’s Guangzhou and Shandong provinces next month to further enhance bilateral trade ties. Both leaders expressed optimism about the future of economic cooperation and pledged to work together to achieve the shared goal of increased trade and prosperity.