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China and Pakistan Bilateral Economic and Trade Relations
China and Pakistan have enjoyed an all-weather friendship and all-dimensional cooperation.
China-Pakistan’s trade and economic cooperation has seen good progress. Since early 1950’s, both countries have established trade relations and started trade transactions. In 1963, both countries signed their first trade agreement. In 1982, China-Pakistan Joint Committee of Economy, Trade and Technology was set up. Since the beginning of the 21th century, the two countries have reached many important consensuses and commitments thanks to frequent exchanges of high-level visits and contacts. Both countries have been committed to develop closer bilateral relations and further deepen and broaden their economic engagement for achieving common development. Both sides signed the 5-year Development Program on Economic and Trade Cooperation, which set down the major fields and programs for bilateral economic and trade cooperation, as well as the trade target of $ 15 billion by 2010. Meanwhile, Both sides signed the bilateral Free Trade Agreement (FTA), which has come into effect from July 1st, 2007.
China and Pakistan have been carrying out broad economic cooperation to achieve the goal of mutual benefits, win-win and common development. Nowadays, Chinese companies’ business in Pakistan involves in the fields of infrastructure construction, manufacturing, energy, mining, tele-communication, finance, agriculture, etc. Pakistan Haier-Ruba Economic Zone (HRZ) is the first ever China Overseas Economic & Trade Cooperation Area (OETCA); Pakistan Chashma Nuclear Power Plant (CHANUPP) marked the first nuclear power plant exported from China in business mode; Gwadar Port, Phase-I is another landmark for China-Pakistan friendship after Karakoram Highway (KKH); Saindak Copper and Gold Mine Project and Duda lead-zinc mine project are good examples for bilateral cooperation in mineral resources development; China Mobile Communication Company’s acquisition of Paktel made a breakthrough for bilateral investment.
With the joint efforts from both sides, China-Pakistani economic and trade cooperation has seen good progress. Now, Pakistan is China’s second largest trade partner in South Asia, and one of China’s major global economic cooperation destinations. In 2008, China-Pakistani trade volume reached US$ 6.98 billion, a new record in terms of their trade relations, marking China as Pakistan’s first import original place and the 8th export market. And up to the end of year 2008, Chinese companies’ contract value in Pakistan reached 16.5 billion totally, and investment in Pakistan amounted to 1.07 billion.
China-Pakistan’s trade and economic cooperation has seen good progress. Since early 1950’s, both countries have established trade relations and started trade transactions. In 1963, both countries signed their first trade agreement. In 1982, China-Pakistan Joint Committee of Economy, Trade and Technology was set up. Since the beginning of the 21th century, the two countries have reached many important consensuses and commitments thanks to frequent exchanges of high-level visits and contacts. Both countries have been committed to develop closer bilateral relations and further deepen and broaden their economic engagement for achieving common development. Both sides signed the 5-year Development Program on Economic and Trade Cooperation, which set down the major fields and programs for bilateral economic and trade cooperation, as well as the trade target of $ 15 billion by 2010. Meanwhile, Both sides signed the bilateral Free Trade Agreement (FTA), which has come into effect from July 1st, 2007.
China and Pakistan have been carrying out broad economic cooperation to achieve the goal of mutual benefits, win-win and common development. Nowadays, Chinese companies’ business in Pakistan involves in the fields of infrastructure construction, manufacturing, energy, mining, tele-communication, finance, agriculture, etc. Pakistan Haier-Ruba Economic Zone (HRZ) is the first ever China Overseas Economic & Trade Cooperation Area (OETCA); Pakistan Chashma Nuclear Power Plant (CHANUPP) marked the first nuclear power plant exported from China in business mode; Gwadar Port, Phase-I is another landmark for China-Pakistan friendship after Karakoram Highway (KKH); Saindak Copper and Gold Mine Project and Duda lead-zinc mine project are good examples for bilateral cooperation in mineral resources development; China Mobile Communication Company’s acquisition of Paktel made a breakthrough for bilateral investment.
With the joint efforts from both sides, China-Pakistani economic and trade cooperation has seen good progress. Now, Pakistan is China’s second largest trade partner in South Asia, and one of China’s major global economic cooperation destinations. In 2008, China-Pakistani trade volume reached US$ 6.98 billion, a new record in terms of their trade relations, marking China as Pakistan’s first import original place and the 8th export market. And up to the end of year 2008, Chinese companies’ contract value in Pakistan reached 16.5 billion totally, and investment in Pakistan amounted to 1.07 billion.
