Bright prospects available to boost Sino-Pak trade after
implementing FTA: Ambassador

BEIJING—Prospects for further enhancement of bilateral trade have multiplied manifold with the implementation of Pakistan-China Free Trade Agreement (FTA) and Pakistan deeply values the important contribution of a large number of Chinese entrepreneurs now engaged in development projects in its neighboring South Asian country, said Ambassador Salman Bashir.
Addressing at Pak-China Business Forum held by Pakistan Embassy, Trade Development Authority of Pakistan (TDAP) in conjunction with Ministry of Commerce (MOFCOM) of PRC on the sidelines of the 3-day South Asian Countries Commodities Fair that concluded here Sunday, Salman Bashir said that in fact it was 2003 when the Presidents of the two countries signed a joint declaration charting the vision of Pakistan-China partnership for the 21st century.
As a result “Our mutually beneficial economic partnership has seen significant major developments”, he said. He pointed out that one of the concrete results of these efforts culminated in the form of Pakistan China Free Trade Agreement that covers goods and investments.
“We are very confident that our on-going negotiations in trade and services will be completed early next year, thereby making the FTA more comprehensive”, the Ambassador told the Forum that was largely attended by Pakistani and Chinese businessmen, traders and Industrialists. Expressing great satisfaction on successful launching of Pakistan-China Investment Company, the Ambassador said that another milestone achievement in developing mutual beneficial partnership is the joint 5-year Pakistan-China Economic Development Plan.
Another important area, the Ambassador said in which we are working together is the Joint Study on Pakistan-China Economic and Trade Cooperation which is now reaching at certain stage of maturity and expressed complements to Joint Secretary Shahid Bashir for his tireless efforts in this regard. In the coming months, Ambassador Bashir said that we are looking forward to promoting new initiatives together with MOFCOM to further enhancing mutual economic cooperation and also to promote the idea of creating Pakistan-China Trans Boarder Economic Zone, as well as a joint facilitation regime for over-land trade.
He pointed out that there are limitless prospects of further developing a very healthy and vibrant economic and trade partnership between our two countries. He emphasized the need that the business sector from Pakistan and China to come forward and avail the opportunities that exist and play their important role in promoting partnerships, both in terms of trade as well as in setting up joint projects and joint ventures. The Ambassador also mentioned that the financial and banking sector is another area for which he stressed the need to develop a framework of cooperation between the two countries.
He said that this Fair provides good opportunities to the business circles for the South Asian countries to forge more mutually benefited partnership covering trade and joint ventures. The Ambassador said that holding of this Fair is also a concrete manifestation of the commitment of the Chinese government to promoting holistic development of the neighbouring South Asian region.
He expressed the hope that the Fair would become an annual feature and would prove to be an important milestone towards progress, development and prosperity of the Asian region as a whole. Pakistan, he said warmly welcomes China’s affiliation with SAARC as an observer. He said that Pakistan highly values and acknowledges China’s steadfast support and solidarity particularly in this time of juncture that is the source of great strength for us.
The Ambassador said that he would also like to convey our own resolute commitment to overcome all the problems and challenges that Pakistan faces today and to march ahead on the road of stability, prosperity and progress for the people not only of Pakistan but of this whole region. He expressed appreciation and gratitude to the participants and offered special thanks to the MOFCOM, Chinese government and friends for their support and contribution for successful holding of this important Forum.
The Joint Secretary Ministry of Commerce and leader of the Pakistani delegation Shahid Bashir also made a detailed presentation on Trade and Investment opportunities after implementation of FTA.—APP