China on Thursday agreed to extend co-operation in 36 development projects worth $13.2 billion related to industry, water, energy, agriculture, fisheries and communication to boost economic activity in flood-hit areas of Pakistan.
China agreed during the 14th session of the Pak-China Joint Committee on Economic, Trade Scientific and Technical Cooperation (JEC) under the co-chairmanships of Finance Minister Dr Hafeez Shaikh and visiting China International Trade Representative from Ministry of Commerce Gao Hucheng. The two sides have also agreed to enhance Pakistani exports to China with the latter providing more tariff relaxation.
In a joint press conference by Hafeez Sheikh and Gao Hunheng, after the JEC session, Sheikh said that the two sides also agreed that Chinese investment will be increased in various sectors of Pak economy including agriculture, electricity, finance, mining and infrastructure.
Hafeez Shaikh lauded the Chinese government for announcing $250 million grant for reconstruction. "The authorities concerned of both countries will meet soon to fix priorities for spending this assistance for the development of flood-hit areas," he added.Shaikh said that China would send teams to Pakistan, enabling exporters to book orders. "Pakistani exporters will also be facilitated to visit and participate in trade fairs in China to explore markets for their products," Hafeez maintained.
Gao Hucheng said China responded quickly to the plight of flood victims. Gao Hucheng said although trade between the two countries tilted highly in favour of China, China would encourage balance of trade by taking measures for enhancement of Pakistani exports to China. Meanwhile, according to a statement, the JEC reaffirmed strong support in advancing co-operation between the two countries in trade, economic, scientific and technical sectors as guided by the mandate of the Joint Commission.
The JEC reviewed the ongoing development programmes and appreciated that a large number of mega projects of strategic importance have been completed. Both sides also reiterated that economic co-operation between the two countries was a major contributing factor in bringing the people of Pakistan and China closer.
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