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[8] [10] Phase two of the CPFTA seeks to address these criticisms, enhance the trade relationship between the two nations, and further liberalise trade. [13] China and Pakistan aim to increase bilateral trade to US$15–20 billion by the completion of the second phase and eliminate tariffs on 75% of product lines. [8] [13]
Pakistan has been one of China's major trade partners. [71] According to China's custom statistics the bilateral trade volume for the calendar year 2017 crossed the US$20 billion mark for the first time. In 2017 China's exports to Pakistan grew by 5.9% to reach $18.25 billion whereas Pakistan's exports to China fell by 4.1% to $1.83 billion.
China lent Pakistan further 700 million dollars to shore up Forex reserves. [32] Pakistan's Consumer price index (CPI) further jumped to 31.5%, the highest annual rate in 50 years. [33] Also Fitch downgrades Pak's sovereign credit rating from CCC+ to CCC-. The New York-based ratings agency warned that a default could be a "real possibility". [34]
China has become the world's second largest economy by GDP (Nominal) and largest by GDP (PPP). 'China developed a network of economic relations with both industrial economies and those constituting the semi-periphery and periphery of the world system.' [1] Due to the rapid growth of China's economy, the nation has developed many trading partners throughout the world.
Trump's tariffs, ranging from 20% to 60%, will drive up prices and inflation, leaving consumers with only a few options to prepare. Trump's trade plan could mean higher prices, and avoiding the ...
China and Pakistan already conduct trade via the Karakoram Highway. The CPEC projects involve reconstruction and upgrades to National Highway 35 (N-35), which forms the Pakistani section of the Karakoram Highway (KKH). The KKH spans the 887 kilometers between the China-Pakistan border and the town of Burhan, near Hasan Abdal.
Iran's President Ebrahim Raisi and Pakistan's Prime Minister Shehbaz Sharif vowed on Monday to boost trade between the neighbouring nations to $10 billion a year, as Raisi commenced a three-day ...
Pakistan has bilateral and multilateral trade agreements with many nations and international organizations. It is a member of the World Trade Organization, part of the South Asian Free Trade Area agreement and the China–Pakistan Free Trade Agreement. Fluctuating world demand for its exports, domestic political uncertainty, and the impact of ...