BEIJING – Vice President of China Chamber of Commerce for Import and Export of Textiles (CCCT), Zhang Xi’an said on Wednesday that both China and Pakistan enjoy their own competitive edge in the textile and garment sector and Chinese businessmen are willing to strengthen trade and investment cooperation with Pakistan in textile industry.
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 in an interview with China Economic Net (CEN).
“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, organised 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 $3.8 billion, accounting for 28 percent 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.
“China is willing to share advanced technology, and experience in research, design, manufacturing, management, marketing and brand building with our iron-clad brother Pakistan,” Zhang Xi’an informed, adding that Pakistan enjoys a cost-effective raw material supply and abundant human resources; therefore, both sides can step up cooperation in trade, investment and resource integration, and jointly explore international markets.
Established in October 1988, China Chamber of Commerce for Import and Export of Textiles (CCCT), as part of Ministry of Commerce, China, is the largest textile and apparel trade agency both in China and the world.
Its member companies comprise the majority of Chinese textile and apparel enterprises incorporating domestic manufacturers, export and import enterprises as well as jointly-funded operations, the trade volume of which accounts for 70 percent of the total export and import volume of Chinese textile and apparel industry as a whole.
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