A major progress in Pak-China trade ties has been made, sources said on Monday.

China agrees to revise the Free Trade Accord, the insiders said, adding that China sought a new priority list from Pakistan.

According to the insiders, the commerce ministry appealed to China to review the agreement and Minister Gohar Ejaz presented the demand to his counterpart.

He also offered Chinese investors financing in Pakistan and under the Pay as Earn scheme, there will be no payment pressure on Pakistan, the sources maintained, adding that Pakistan Steel Mills land was also offered to Chinese investors

The two sides agreed to establish a working group on relocating Chinese industries to Pakistan too, they said. The commerce minister, who is leading a 20-member delegation to China, held meetings with Chinese businessmen and exporters to boost trade and remove trade imbalances.

The minister met the Chairman of the China Chamber of Commerce for Import and Export of Textiles (CCCT), Zhang Xinmin, and the President of the COFCO Group Luan Richeng – a key player in China’s food processing sector, a Commerce Ministry press release said.

“The meetings denote the pivotal part of Pakistan’s strategy to augment non-textile exports, leveraging the strength of COFCO Group’s position as China’s largest food processor, manufacturer, and trader,” it added.

Gohar Ejaz, in the meetings, underscored the importance of private sector collaboration, particularly Small and Medium Enterprises (SMEs), which could bring prosperity to Pakistan.