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China Daily Website

Pakistan approves economic accord with China

Updated: 2013-07-26 06:59
( Xinhua)

ISLAMABAD - Pakistani Federal Cabinet on Thursday accorded ex-post facto approval for start of negotiations and signing of Memorandum of Understanding on the cooperation of developing "China-Pakistan Economic Corridor" long-term plan, officials said.

The cabinet meeting, presided over by Prime Minister Nawaz Sharif, also approved action plan between National Development and Reform Commission of China and Ministry of Planning and Development of Pakistan, an official statement said.

The Prime Minister paid official visit to China from July 3 to 8 at the invitation of Chinese Premier Li Keqiang. This was Nawaz Sharif's first foreign visit since he assumed office last month.

The Prime Minister briefed the Cabinet on his successful visit to China and informed the members that both countries had agreed on the implementation of a mega-project of Gwadar-Kashgar economic corridor which would not only prove to be "a dream come true" in terms of progress and prosperity for the people of Pakistan but for the whole region.

"Chinese companies are expected to relocate their businesses in the economic zones along the Corridor in Pakistan thus opening avenues for Pakistan's trade and commerce with other countries of the region," the Prime Minister informed the Cabinet, the official statement said.

Nawaz Sharif said both Pakistan and China have formed task forces to monitor and expedite the progress in implementation of the economic corridor project.

The Chinese task force is expected to visit Pakistan soon after the Muslim festival of "Eid-ul-Fitr" to be celebrated next month.

As a special goodwill gesture by the Chinese side, the insurance charges of six percent on the Chinese investment in Pakistan which run into billions had been waived, Prime Minister informed the Cabinet.

Nawaz Sharif said the economic cooperation agreed upon between the two countries during his visit will result in Pakistan's economic resurgence.

 
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