As per World Trade Organization’s latest statistics, global trade in services witnessed an average decline of 24 percent in the third quarter of 2020. Out of the 39 countries reviewed, approximately 90 percent experienced contraction in service exports whilst 10 percent observed a positive growth.
Agriculture is the backbone of Pakistan’s economy. It contributes about 24 per cent of Gross Domestic Product (GDP) and accounts for half of the employed labour force. It is also the largest source of foreign exchange earnings. The importance of agriculture in terms of its contribution to Pakistan’s economy is overwhelming. In fact, the share of agriculture in Pakistan’s GDP is significantly higher than other countries in South Asia.
This study was carried out from the 7th to 25th of July 2016 by PRIME (Policy Research Institute of Market Economy), Islamabad, as a part of a CUTS International and Australia Aid Project entitled “Geneva Trade and Business Connexion: South and South East Asia”. The main objective of the project is to improve the capacity of the private sector and to provide input into their government and their WTO delegations so as to make their negotiating positions fully aligned with on ground conditions faced by the private sector.
This study was carried out from the 7th to 25th of July 2016 by PRIME (Policy Research Institute of Market Economy), Islamabad, as a part of a CUTS International and Australia Aid Project entitled “Geneva Trade and Business Connexion: South and South East Asia”. The main objective of the project is to improve the capacity of the private sector and to provide input into their government and their WTO delegations so as to make their negotiating positions fully aligned with on ground conditions faced by the private sector.
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The China-Pakistan Economic Corridor (CPEC) is being developed as part of the strategic partnership between the governments of China and Pakistan. In principle, understanding on building the economic corridor from Pakistani port city of Gwadar to the Western Chinese city Kashgar was developed in 2007 between China and Pakistan but it was formally announced during the visit of Prime Minister of Pakistan to China in July, 2013. CPEC is around 2,700km long within the territory of Pakistan, crossing snow-caped mountains, narrow valleys, lush green fields, sand dunes and dry hills. In addition, the corridor provides Chinese traders a link to deliver their goods to the international markets through the Gwadar Port. The $46 billion CPEC presents a package of energy, communication and infrastructure projects, knowledge and technology cooperation, cultural exchange, and many other facets of “shared prosperity” between China and Pakistan.
This study was carried out from the 3rd to 24th June 2016 by PRIME (Policy Research Institute of Market Economy), Islamabad as a part of a CUTS International and Australia Aid Project entitled “Geneva Trade and Business Connexion: South and South East Asia”. The main objective of the project is to improve the capacity of the small and medium enterprises (SMEs) to provide input into their government and their WTO delegations so as to make their negotiating positions more fully aligned with on the ground conditions faced by small scale enterprises.
PRIME Analytical Reports are independent evidence based studies on the investment climate, economic policies and demographic changes in Pakistan, prepared to improve understanding of business and policy challenges faced by the country’s private sector to help steer it on path of growth.
Agriculture is the backbone of Pakistan’s economy. It contributes about 24 per cent of Gross Domestic Product (GDP) and accounts for half of the employed labour force. It is also the largest source of foreign exchange earnings. The importance of agriculture in terms of its contribution to Pakistan’s economy is overwhelming. In fact, the share of agriculture in Pakistan’s GDP is significantly higher than other countries in South Asia.
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One cannot doubt the emotional attachment of the majority of Pakistanis with China. Generations of Pakistanis are bred on the belief of all-weather friendship with China. And China did prove its worth over the decades of supporting Pakistan and standing by it in hours of trial. On the economic front, Pakistan is the second country, with whom China has entered into a Free Trade Agreement (FTA). Post-FTA, China has become the largest trading partner of Pakistan, with a caveat of persistent high trade deficit suffered by Pakistan. Even without statistical evidence, one can observe presence of Chinese products ranging from high-end electronics to toiletries in large swathes of Pakistan.
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