Federal Minister for Finance and Economic Affairs, Dr Abdul Hafeez Shaikh said that no inaction by line ministry (implementation department) would be allowed in the implementation of the decisions agreed between Pakistan and China during the last visit of Chinese premier to Pakistan.
This he said while chairing a meeting with Chinese delegation led by Chinese Ambassador to Pakistan, Liu Jian to review the progress in the implementation of the mechanism for the projects in which China has pledged to extend technical and financial assistance.
In the post flood reconstruction programme, Chinese government had pledged to support Pakistan in a number of projects which included Grant for Highways and Agriculture, Transport, Energy and Communication, Establishment of China-Pakistan Agricultural Technology Zones, Upgrading Karakarum Highway and Realignment of Ataabad Lake, Preparedness for Disaster and Response System and Environment and Ecosystem.
The meeting also deliberated upon the progress in implementation of the agriculture-related component under the economic and technical Co-operation, and reviewed progress in the finance and banking sector. Participants of the meeting were apprised that ICBC Industrial and Commercial Bank of China are coming to Pakistan to open its branches in Karachi and Islamabad.
The meeting also discussed opening of Pakistan's National Bank of Pakistan Branch in China under the prevalent procedure in the Chinese Banking laws. Under the bilateral trade, China is to send more trade missions to Pakistan, and Pakistani traders to be given access and free space in trade exhibition in the cities of Kashghar, Urmuqi, Kensing and Chengdu. The Finance Minister asked concerned officials to give a comprehensive report on the development in this regard.
Other subjects, which were discussed in detail are Pakistan's market access by considering grant of unilateral tariff concession to 228 Pakistani products, launch of second phase of the Pak-China Free Trade Agreement, in the first quarter of 2011, Establishment of Pakistan China Entrepreneurs Forum, and exploring possibilities of establishing trans-border economic zones.
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