Yiwu welcomes Pakistan to share dividends of China’s consumption upgrade

By Mariam Raheem | Gwadar Pro Apr 1, 2022

Yiwu welcomes Pakistan to share dividends of China’s consumption upgrade

YIWU, April 1 (Gwadar Pro) - “Yiwu has been working to establish itself as a powerhouse for import trade. At present, the city has gathered about 150,000 kinds of imported goods from more than 100 countries and regions. Yiwu hopes to bring more Pakistani products to the city and the wider Chinese market, and enhance cooperation with Pakistan to share the dividends of China’s consumption upgrade,” highlighted Mr Ye Bangrui, Mayor of Yiwu at a webinar on building China-Pakistan Trade Corridor on Thursday.

The mayor further said that in recent years, e-commerce in Yiwu has been booming, with cross-border e-commerce trade volume exceeding RMB 100 billion [or USD 15.72 billion] in 2021. “Since Yiwu is blessed with prospering cross-border e-commerce, bonded areas, live streaming, and efficient logistics, we hope to set up Pakistani merchandise pavilions in Yiwu to help Pakistan explore the Chinese market,” revealed Mr Ye.

On the occasion, Hussain Haider, Consul General of Pakistan in Shanghai, emphasised the significant progress, huge potential and good momentum of China-Pakistan trade exchanges. He added that, “this webinar demonstrated the determination of China and Pakistan, especially Yiwu and Karachi, to further strengthen bilateral trade and investment relations. I believe enterprises in Karachi will establish more win-win cooperative relations with enterprises in Yiwu and strengthen economic ties between the two countries.” The Consulate General of Pakistan in Shanghai will provide full support and facilitation services to promote such cooperation, he mentioned.

Li Bijian, Consul General of China in Karachi, underlined Yiwu has served as a bridge between China and the rest of the world, especially for Pakistani cities like Karachi. To further strengthen the existing friendly cooperation and relations, he proposed to promote bilateral trade, reduce trade deficit, and enhance two-way investment by making full use of the China-Pakistan free trade agreement (FTA).

Arif Ahmed Khan, Chief Executive of TDAP noted that tapping the huge potential of Pakistan’s exports to China on a large scale requires the development of digital connectivity between Pakistani suppliers and Chinese customers, as well as recognised brands for Pakistani products and expanded agricultural quotas. Viable solutions will be devised to grapple with these issues, according to Wang Xiang, Director of Pakistan Purchasing Service Centre.

The seminar is also attended by Irfan Iqbal, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Muhammad Idrees, President of Karachi Chamber of Commerce and Industry (KCCI), Salman Aslam, President of Korangi Association of Trade and Industry, Chinese-funded financial institutions in Karachi, Ashraf, a representative of Pakistani businessmen in Yiwu.

The seminar was organised by Yiwu Municipal People’s Government and the Trade Development Authority of Pakistan (TDAP) in partnership with bilateral governments and business sectors.

Yiwu is an important trading partner of Pakistan. Pakistan has set up the largest number of representative offices in Yiwu, with 300 to 500 residents living in the city.

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