Pakistan, China discuss more economic cooperation
Pakistan Times Business & Commerce Desk

ISLAMABAD: Pakistan and China discussed wide ranging bilateral trade and economic issues including deepening and broadening of already existing Preferential Trade Agreement (PTA), Early Harvest Programme and Free Trade Agreement (FTA) between the two countries.

Assistant Commerce Minister of China Mr. Yi Xiaozhun who was leading a sixteen-member delegation, called on Federal Minister for Commerce Humayun Akhtar Khan Friday at the Ministry of Commerce.

The objective of the visiting Chinese delegation is to participate in the first meeting of Pak-China Joint Study Group (JSG) on FTA between the two countries. On the agenda is also Early Harvest Programme, which will cover items at zero tariffs that are mutually agreed under the existing PTA. Other items in the existing and extended PTA will also be added to the Early Harvest Package.

Both the sides showed interest in the finalization of the Early Harvest Programme for the envisaged FTA which would be the foundation stone towards conclusion of the Free Trade Agreement between the two countries and would lead to more investment and trade resulting into employment generation and poverty reduction.

The Chinese Minister also sought Pakistan’s support on China’s accession to the WTO. Khan assured the delegation that Pakistan Government would extend all possible support to China for its accession to this world body.

The Commerce Minister of Pakistan expressed his hope that on the eve of Chinese Prime Minister’s visit to Pakistan in April 2005, the technical talks on Early Harvest Programme would have been finalized.

The Commerce Minister of Pakistan appreciated the fact that China had made significant strides in the fields of economy and trade and stated that Pakistan had always considered China a very important economic and trade partner.

He also briefed the delegation on the trade and economic scenario of Pakistan and he opportunities of investment that Pakistan offered for the investment. The Chinese Minister said, “ We want to take Pakistan along with us as we develop and grow on economic and trade fronts.”

On this, Mr. Khan identified some areas of mutual cooperation where Chinese companies could invest or opt for joint ventures with Pakistani companies. He said that agriculture, food processing, livestock, fisheries, dairy farming, housing, IT, telecom, construction and engineering and packaging were some of the areas with great potential for Chinese investment.

He also invited investment in export-oriented industries especially in manufacturing of fabrics and garments.●