14th Session of China-Pak Joint Committee in Economy, Trade, Science and Technology Held in Islamabad

The 14th Session of China-Pakistan Joint Committee in Economy, Trade, Science and Technology was held in Islamabad, capital of Pakistan, on December 2. Gao Hucheng, China International Trade Representative (minister-level) and Vice Minister of Commerce, and Abdul Hafeez Shaikh, Minister of Finance of Pakistan co-chaired the session.

Vice Minister Gao stated, China and Pakistan are all-weather friendly neighbors as time goes by, which has set an example for relations between countries. Since the previous session of the Committee, the trade and economic relations of the two countries have developed noticeably. Bilateral trade increased steadily and amounted to US$6.22 billion in the first 9 months of 2010, up by 29% year on year.

At present, Pakistan has become China’s 2nd largest trading partner in South Asia. And China is the 3rd largest trading partner, 3rd largest import source and 5th largest export market of Pakistan. Moreover, the mutual cooperation in contracting projects and investment improved smoothly. Such important projects as Karakoram Highway, Gwadar Port, and Duddar Lead-Zinc Mining constructed by Chinese companies have created fruitful social and economic benefits. Chinese companies expanded their investment from traditional fields like resource development, household appliances and motorbikes to telecommunication and finance. Additionally, the trade and economic cooperation of the two countries was on the increase with effective cooperation in FTA and the development of mineral resources.

The Chinese government has provided free aid worth of US$200 million and RMB320 million in total for Pakistan. Furthermore, China will continue supporting Pakistan’s disaster-relief efforts and unswervingly promoting the practical cooperation in trade and economy of the two countries.