Global Trade Gets Boost From China-Pakistan Textile Summit
The China-Pakistan Textile and Apparel Executive Summit and Business Meetings took place last week in Kunshan, Jiangsu province, drawing over 100 representatives from the Chinese and Pakistani governments, trade associations and textile enterprises.
Deputy Mayor Zhang Feng, in his opening address, underscored the significance of 2023, marking the 10th anniversary of the Belt and Road Initiative (BRI) and the commencement of the China-Pakistan Economic Corridor (CPEC). CPEC, a flagship project of BRI, has yielded substantial results, especially in the textile and apparel sector.
Gohar Ejaz, Pakistan’s Federal Minister for Commerce and Industries, emphasized Pakistan’s traditional strength in textiles, citing conducive conditions for cotton production, a large and competitive workforce, a complete industrial chain and favourable market access. He highlighted the potential for joint ventures between Chinese and Pakistani enterprises in the textile value chain, with Pakistan pledging support for Chinese investments.
The China Chamber of Commerce for Import and Export of Textiles (CCCT) and the All Pakistan Textile Mills Association signed a Memorandum of Understanding during the summit, expected to enhance economic and trade cooperation in the textile and apparel industries of both countries.
The emergence of “Silk Road e-commerce” as a novel business model offering global consumers convenient, efficient and low-cost goods and services was discussed. Aqeel Ahmed Chaudhry, Director of the Pakistani national pavilion in the Silk Road e-commerce cooperation pilot zone in Shanghai, expressed the intent to leverage this model to boost bilateral trade.
On December 14, the government of Pudong, Shanghai, released the “Action Plan for Advancing the Construction of the Silk Road E-commerce Cooperation Pilot Zone,” aiming to promote Silk Road e-commerce as a cutting-edge business model. This initiative aligns with Shanghai’s designation as the pilot zone for Silk Road e-commerce cooperation, focusing on enhancing digital economic cooperation along the Belt and Road Initiative.
