Pakistan avails $1 billion Chinese market access for yarn, sugar, and rice

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According to sources, Pakistan now finally got the Chinese market access for 3 different commodities.

Chinese market access is now finally offered by the authorities of China. However, Pakistan will get access for yarn, sugar, and rice that worth $1 billion. While, the news is revealed by the senior official in the Commerce Division.

The use of Chinese currency is also prevailing in Pakistan and according to the latest CNY to PKR rate one Chinese Yuan is equal to around 20.89 Pakistani Rupees.

According to sources, rice shipments to China have already begun as part of the deal which was agreed during PM Imran Khan visit to China in November 2018.

On the other side, exporters have been allowed to ship 200,000 tonnes of rice and 300,000 tonnes of sugar. In addition, the agreement also includes preferential market access for around $700m worth of yarn.

It seems highly unlikely that Pakistan will have adequate surplus quantity of yarn to export to China. However, the Chinese authorities were unwilling to increase the total quantity of these items despite multiple requests.

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