BEIJING, Sept 21: China hopes that its western region (Xinjiang) will emerge as hub of Sino-Pak business activities, with the implementation of special tariff package to be implemented from January 2006, says Zhang Yei, a senior official of the region’s foreign trade and economic cooperation department.
The economic activities between the two countries stepped up when they held first round of talks for free trade agreement (FTA) at Urumqi, capital of Xinjiang, last month. It was agreed that the two sides would meet again in Islamabad in November this year to expedite the tax-free arrangements.
According to sources, Pakistan’s entry into the Shanghai Cooperation Organization (SCO) had also opened new avenues for economic interaction with China and Central Asia, especially through the land route.
Xinjiang serves as excellent location to develop the regional cooperation among the SCO’s chain that includes China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan, besides Iran, India and Pakistan (with observer status). The region has 17 ports open to the outside world. Its link through old Silk Route could provide tremendous boost to economic collaboration at regional and international levels.
The region has registered a record $3 billion in foreign trade last year, up by 45.8 per cent from the previous year. It achieved a growth of 85 per cent in its exports worth $1.35 billion last year, the highest growth rate in the country, according to Urumqi customs sources.—APP
