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Trade Between Pakistan and Other Countries

 

Trade Between Pakistan and Other Countries

Trade between Pakistan & Other Countries of the World

Pakistan and other countries have bilateral and international agreements. Pakistan, a WTO member, has signed both SAFTA and the China-Pakistan Free Trade Agreement. Pakistan's fluctuating trade imbalance results from shifting global export demand, domestic political turmoil, and a drought. Between July and November 2013, exports totaled $10.367 billion, and imports totaled $18.110 billion.

Human resources, cotton textiles, and clothes continue to be the most important exports for Pakistani businesses globally. Crude oil and petroleum products, chemicals, fertilizer, capital goods, and consumer goods are all examples of such things.

It enables Pakistan to export 20% of its goods to the EU market duty-free and 70% cheaper than otherwise. In the European Parliament, Resolution 406-186 received 406 votes in favor. Pakistan's exports totaled $21 billion between 2015 and 2016, while imports amounted to $44.76 billion. Pakistan increased its exports from $7.5 billion in 1999 to 18 billion in 2008. It is packaged in rice sacks. A shipment of minnows and mangoes is delivered to partners.

Furthermore, the company transports textiles, leather goods, and veterinary medical equipment (renowned for football and soccer balls). Pakistan also exports cutlery and surgical instruments. Additionally, electrical appliances are shipped from the United States to other countries. Exports of cattle meat are commonplace, particularly prawns and shrimp. Pakistan sells cement to Asia and the Middle East. Pakistan began exporting cement to India in August 2007 as a result of the economic boom. Pakistan is increasing its imports of Russian goods. Pakistan declared a $20 billion export target for the 2009/2010 fiscal year. In terms of trade, Pakistan exported a record $29 billion in April 2015.

Pakistan's international trade is predicted to grow in both the east and west.

Overland trade with the east and west of Pakistan can generate enormous amounts of revenue and economic development.

These initiatives targeted bottlenecks along Pakistan's east-west trade route.

There are no overland commercial linkages to China, and trade hurdles with India are policy-driven.

Pakistan has strengthened commercial connections with neighboring India as a result of recent advancements. Other countries (including China) can be reached by land routes that extend westward from the country's borders. Liberalization of foreign trade from east to west in Pakistan could result in a considerable increase in imports and exports, adversely affecting the economy.

On this basis, we developed a model to account for bilateral trade flows between most of the world's trading partners. Our findings indicate that trade barriers between Pakistan and India, as well as China is costly. In this setting, the government's policy constraints make working with India more difficult. Land transportation expenses are the primary reason for the majority of trade barriers between China and Pakistan. We discovered that removing or decreasing trade barriers between China and India might significantly boost commerce between the two economies.

It lowers commercial barriers; it is critical to strengthen ties with India. It could be cheaper transportation costs due to the newly completed China-Pakistan Economic Corridor (CPEC). The China-Pakistan Economic Corridor connects a significant market and industrial center in various Pakistani regions (CPEC). Once that is accomplished, it will be more effective in establishing bilateral economic relations with other countries.

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