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ISLAMABAD: Trade between Pakistan and China is projected to grow by a big margin. This projection comes in the wake of the two countries desire to strengthen trade relations through a Preferential Trade Arrangement (PTA).

The PTA was signed between the two countries during the visit of President General Pervez Musharraf to China in November last year. The Arrangement concluded between the two countries would grant preferential tariff to 893 products of Pakistan origin.

Similarly, Pakistan would also accord preferential tariff to 200 products of Chinese origin. A Memorandum confirming the procedural formalities was signed by Shahid Mahmood, Pakistan's Commercial Counsellor, in Beijing and Zhu Hong, Deputy Director General, of the Ministry of Commerce, recently to make PTA effective from January 1. 2004.

Trade between Pakistan and China has been on a continuous upswing. The total trade between the two countries during 2002 was US$ 1.8 billion, which increased to US$ 2.093 billion during the first 11 months of last year. The Preferential Trade Agreement, is projected to boost the trade between Pakistan and China.