Monday February 26, 2024

Alvi proposes Pakistan, China, ASEAN trade triangle

November 28, 2020

ISLAMABAD: President Dr Arif Alvi on Friday proposed establishing a “trade triangle” among Pakistan, China and Association of Southeast Asian Nations (ASEAN) to maximise the quantum of intra-regional business opportunities.

In his virtual address to the 17th China-ASEAN Expo (CAEXPO) held in China’s Nanning city, the President said Pakistan’s stable macro-economic policies and ease of doing business offered an attractive market to both China and the ASEAN countries for trade cooperation in diverse areas.

The four-day CAEXPO—themed “Building the belt and road, strengthening digital economy cooperation”—hosted 11 high-level forums, over 160 trade promotion activities and 229 booths for participants from 22 countries, including Pakistan.

Pakistan is participating in the 17th CAEXPO as a Special Partner for the first time and is making full spectrum representation through country pavilion, commercial display booths and an exclusive trade and investment conference on the sidelines.

President Alvi said despite the challenge of the coronavirus pandemic, Pakistan’s economy strengthened and its online businesses grew due to the implementation of far-reaching economic reforms.

He mentioned that Pakistan greatly learnt from the experiences of China in establishing Special Economic Zones (SEZs) and invited investors from ASEAN and China to explore the country’s business potential.

“We encourage the ASEAN countries and the Chinese businessmen to invest in SEZs as Pakistan’s macro-economic policies have changed tremendously with an improved state of ease of doing business,” he said.

Dr Alvi said Pakistan was making great progress after moving on from the original course of China-Pakistan Economic Corridor (CPEC).

“We want to do a feasibility where Pakistan, China and ASEAN trade triangle can come up as well as feasibility into a Free Trade Agreement between Pakistan and ASEAN,” he said.