Signing of a memorandum of understanding with China on economic and trade cooperation

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ISLAMABAD: Pakistan and China have signed a memorandum of understanding on establishing a working group on economic and trade cooperation under the Pakistan-China Joint Committee on Economic, Trade, Scientific and Technological Cooperation.

The pact was signed by Chinese Vice Minister of Commerce Ren Hongbin and Mian Asad Hayaud Din, Secretary of the Economic Affairs Division.

According to the pact, Pakistan and the Xinjiang Uyghur Autonomous Region will develop mutually beneficial and win-win economic and trade relations, and achieve sustainable and healthy development of economic and trade cooperation between Pakistan and China, the Ministry of Foreign Affairs economics reaching consensus on the working group.

The main responsibilities of the task force include: implementing the consensus on Xinjiang reached at the Pakistan-China Joint Economic Council (JEC) and enhancing cooperation between Pakistan and Xinjiang in the areas of trade, investment, transport, energy, logistics, finance, information and agriculture. , tourism, etc. and promote the progress of cooperation in relevant areas.

Pakistan’s trading partners

The working group will provide suggestions on deepening economic and trade cooperation between Pakistan and Xinjiang, discuss measures for expanding and facilitating trade, optimizing trade structure, promoting mutual investment, economic and technological cooperation, improvement of the investment environment, etc. He will propose ways to solve the problems and difficulties of cooperation between Pakistan and Xinjiang through consultation, submitting the problems and difficulties to the Pakistan-China JEC for resolution if necessary and exchanging information on the development of economic and trade cooperation, and by regularly providing information on economic and trade policies and regulations. The working group will facilitate the communication of people engaged in economic and trade activities, so as to create favorable conditions for the expansion of economic and trade cooperation between Pakistan and Xinjiang.

The task force works under JEC Pakistan-China and is led by the Ministry of Economic Affairs of Pakistan and the government of Xinjiang Uyghur Autonomous Region of the People’s Republic of China respectively. The working group meeting will be co-chaired by the Secretary of the Ministry of Economic Affairs of Pakistan and Deputy Governor of Xinjiang. The working group will report regularly to the Pakistan-China CPE.

The Pakistan Liaison Office is located in the Chinese wing of the Ministry of Economic Affairs, and the Working Group’s Chinese Liaison Office is located in the Xinjiang Department of Commerce.

The liaison offices are mainly responsible for preparing the meetings of the working groups, collecting the subjects, writing the minutes of the meetings, etc. Liaison offices maintain contact with each other and carry out their tasks. Additional departments may be invited to participate in working group meetings depending on the specific meeting topics.

Meetings of the working group will be held once a year alternately in Pakistan and Xinjiang in principle. The exact time and place of the meeting will be determined by negotiation between the two parts of the working group. Travel costs to attend working group meetings are covered respectively. The organizer bears the costs related to the organization of the meetings. The Memorandum of Understanding may be amended or modified by mutual written consent of the parties. The amendment or modification comes into force on the date determined by the parties.

Copyright Business Recorder, 2022

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