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China eyes opportunity in Pakistan’s textile sector: official

China eyes opportunity in Pakistan’s textile sector: official

China eyes opportunity in Pakistan’s textile sector: official

Image: APP

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BEIJING: 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 the textile industry, an official said.

Bilateral trade has increased after the second phase of the China-Pakistan Free Trade Agreement came into effect in 2020, and more Pakistani products have been able to enter the Chinese market, China Chamber of Commerce for Import and Export of Textiles (CCCT) vice president Zhang Xi’an said.

The tariffs on some 75 per cent of the 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,” Xi’an said in an interview with the China Economic Net.

“On the one hand, China’s textile industry has accelerated the pace of investment all over the world these years, while on the other, Pakistan has also provided incentives for [the] Chinese enterprises investing in Pakistan,” he said.

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For example, to highlight to the Chinese investors the comparative advantage of Pakistan’s textile sector, the 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 textiles. Take home textiles for instance. Pakistan is a major cotton producer in the world with a long history. In 2020, it exported home textiles worth $3.8 billion, accounting for 28 per cent of its total textile and garment exports.

Pakistan is the third largest supplier of home textile products to the US 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 said, adding that Pakistan enjoys a cost-effective raw material supply and abundant human resource; therefore, both sides can step up cooperation in trade, investment and resource integration, and jointly explore international markets.

Established in October 1988, the China Chamber of Commerce for Import and Export of Textiles (CCCT), as part of the 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 per cent of the total export and import volume of Chinese textile and apparel industry, as a whole.

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