China has agreed to increase its Imports of Pakistani products. This came after PM Imran Khan’s recent visit to China. The country has proposed to double its import of Pakistani Products from 1.2 Billion to 2.2 Billion by the end of 2018. They have also proposed that if Pakistani Entrepreneurs show potential, china will increase this figure to 3.2 Billion by the end of next year, tripling its Imports. Adviser to Prime Minister on Commerce, Textile Industry and Investment, Abdul Razak Dawood and Minister for Planning, Development and Reform Khusro Bakhtiar told the media while addressing a press conference
Pakistan had initially asked for asked for market access on the pattern given to ASEAN and Bangladesh, however Premier Li Keqiang told the Pakistani side not to go into that as China would double its imports from Pakistan. China has also agreed to include a third country (Saudi Arabia) ,in the CPEC, by bringing project-based investment because CPEC cannot go in a fixed direction and needs expansions based on priorities. Pakistan has also asked the Chinese side to come to Pakistan, use its labor and raw material and make exports from here which would help in poverty alleviation and job creation. Further, a provision has been kept for oil city which, if implemented, would reduce the oil import bill by $6-7 billion annually.
The Potential of Gawadar port was not fully appreciated in the past but now it, would be given high priority. The planning minister further said that the government would prioritize hydel and renewable energy projects in coming meetings
