Pak-China to Sign $200m Deal for Seafood, Agriculture and Steel Trade – Research Snipers

Pak-China to Sign $200m Deal for Seafood, Agriculture and Steel Trade

Pak-China

Pak-China would be signing a deal of two hundred million dollars for trade in some sectors.

China would be investing $200 million in the seafood, agriculture and steel sector of Pakistan for boosting bilateral business trade between the two Asia neighbours.

The memorandum of understanding (MoUs) was signed by the Pakistani officials on a total of eleven deals with the Chinese investors during their visit to the federal capital on Tuesday, as per a commercial attaché at the Chinese embassy.

Also Read: China Welcomes Saudi Investment in CPEC Projects in Pakistan

By doing investments in Pakistan, the Chinese firms could boost exports to Middle East, South Asia, Africa and many more destinations.

China is the world’s biggest importer of agricultural products. Back in the year 2015, China imported agricultural products costing $160 billion.

The country has got a population of 1.3 billion people, and it consumes $1 trillion worth of food every year. The domestic usage of the country is expected to rise by another $500 billion in the span of next ten years.

Recently China has reduced the import tariffs on various products including the metals and textile products. These reductions in import tariffs would be put into effective from the 1st of November as informed by the ministry of finance.

The Chinese cabinet announced its plans of decreasing the tariffs on the machinery, electrical equipment and textile products, as the nation is getting ready for an increasing trade war with the United States.

More Read: China to Reduce Import Tariffs on a Variety of Products