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Contrastingly, greater exports from China than from Pakistan caused Pakistan's trade deficit with China to rise from 25% in 2007 to 35% in 2018, or around $13 billion. [ 8 ] [ 10 ] [ 11 ] Phase one also received criticism from domestic producers and business groups in Pakistan.
In August 2007, Pakistan started exporting cement to India to fill in the shortage there caused by the building boom. [8] Russia is a growing market for Pakistani exporters. In 2009/2010 the export target of Pakistan was US$20 billion. [9] As of April 2015, Pakistan's exports stand at US$29 billion.
The book is divided into ten chapters that discuss and evaluate the anticipated economic and geopolitical effects on the region. In addition, it investigates the role of CPEC in the future regional cooperation and integration of subnational regions such as Balochistan, Khyber Pakhtunkhwa (including the Federally Administered Tribal Areas), and Gilgit-Baltistan.
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.
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.
As per the 2021 Stockholm International Peace Research Institute (SIPRI) report, Pakistan ranked 10th globally in terms of arms imports for the 2016-2020 period. During this timeframe, the People's Republic of China constituted the primary source of imported weaponry, accounting for 74% of Pakistan's total imports.
Pakistan manufactures and sells weapons to over 40 countries, including European customers, generating $620 million annually. The country's sophisticated arms imports increased by 119 percent between 2004–2008 and 2009–13, with China providing 54 percent and the USA 27 percent of Pakistan's imports.
2003 – Pakistan and China signed a $110 million contract for the construction of a housing project on Multan Road in Lahore. [106] 2006 – China and Pakistan sign a free trade agreement. 2007 – The Sino-Pakistani joint-ventured multirole fighter aircraft – the JF-17 Thunder (FC-1 Fierce Dragon) is formally rolled out.