Pakistani delegation in China to finalise modalities for economic cooperation

Lifestyle       by Bushra Nayeem | Published

Last month, Saudi Arabia said it would provide Pakistan with a $6bn (€5.2bn; £4.6bn) rescue package, but officials have said it is not enough, and the country still plans to seek a bailout from the International Monetary Fund.

During his visit, Prime Minister Khan held talks with President Xi Jinping and Premier Li Keqiang mainly focussing on seeking China's loans to tide over serious financial crisis faced by Pakistan.

The two sides agreed to establish the foreign ministers' strategic dialogue mechanism through which we can plan for and coordinate bilateral relations and across-the-board cooperation, the spokesperson said and added the visit promoted practical cooperation and friendly exchanges. He had also said that no other country had tackled poverty and corruption the way China did.

The veteran industrialist said Pakistan and China also agreed to enhance cooperation in areas of industrial development and agriculture.

Hua Chunying said the two sides agreed that we should further strengthen the China-Pakistan all-weather strategic cooperative partnership and forge a closer China-Pakistan community with a shared future in the new era.

China has invested tens of billions of dollars in Pakistan in recent years as part of its Belt and Road Initiative - which aims to link the economies of Asia, Africa and Europe via huge infrastructural projects.

A Pakistani delegation in Beijing is holding talks with Chinese officials today to finalise modalities for economic cooperation, Radio Pakistan reported. He also said that China had assured "every kind of assistance" to Pakistan.

Hua said that China was satisfied with Khan's visit during which the two countries agreed to deepen their ties and to complete the China Pakistan Economic Corridor (CPEC) with a stronger commitment.

The planning minister stressed the need for accelerating industrial cooperation, and said it had been chose to advance to the next phase with a focus on industrial expansion, agricultural revitalisation and trade integration between the two economies.

Dawood concluded the press conference, saying he was planning to declare one of the existing industrial zones as prioritised Special Economic Zone (SEZ) under CPEC to fast-track the pace of relocation of Chinese industries to Pakistan.

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