KARACHI: Businessman Dr Iftikhar Baig has said Pakistan and China are celebrating their 70 years of diplomatic friendship and the ongoing economic cooperation further strengthened the relationship.
Dr Iftikhar Baig elaborated that Pakistan and China had entered into the Free Trade Agreement (FTA) in February 2009 and the bilateral trade which was $1.3 billion in 2002, now has reached $20 billion in 2020. The imports from China stood at $18 billion and exports to China reached at $2 billion in 2020. Pakistan and China has signed the second phase of Pak-China FTA, China has allowed 363 items, which would increase Pakistan’s exports and it would also lessen the trade surplus currently favouring China. China-Pakistan Economic Corridor (CPEC) is the hallmark of two nations’ economic relationship, wherein China investing $65 billion, for energy $34 billion, infrastructure $11 billion, and Gwadar port projects, which would be game changer in the region.
Now Pakistan has entered in the list of countries, producing 2500MW nuclear civil power, using Chinese nuclear technology in Chashma 1,2,3,4, K2 & K3 projects. Pakistan and China jointly produced JF-17 Thunder jet, a substitute of F-16 American jet fighters, is another example of dependable relationships between two countries. Baig said both the countries have announced 9 Special Economic Zones (SEZs) under CEPC to establish new industries and relocation of industries from China. The time-tested friend China has donated vaccine for the people of Pakistan to help contain spreading coronavirus pandemic.