ISLAMABAD, April 6: Pakistan and China on Wednesday signed a number of agreements in the fields of trade and investment and also agreed to establish a Joint Investment Company (JIC) in Pakistan to realize full economic potentials of the two countries. The agreements were signed by Adviser to the prime minister on finance Dr Salman Shah and Chinese Commerce Minister Bo Xilai on the conclusion of four-day 12th Pak-China Joint Economic Commission (JEC) meeting here. Minister of State for Finance Omar Ayub Khan and Minister of State for Economic Affairs Division Hinna Rabbai Khar were also present on the occasion.

Dr Salman Shah said that Pakistan has an enduring, multi-dimensional and deep-rooted brotherly relationship with China. “The time-tested friendship between the two countries is underpinned by mutual trust and confidence,” he remarked.

He added that a close identity of views and mutuality of interest, remain the hallmark of bilateral ties, spread over 54 years.

He added that bilateral trade between the two countries was reviewed and it was mutually agreed to expand it further to a substantial level.

There was also a consensus to focus on trade in goods, trade in services and economic cooperation including investment under Free Trade Agreement between China and Pakistan, he added.

Simplification of visa procedures for businessmen of both countries was also recommended.

During the JEC meeting, the following agreements were signed: a) Agreement on Early Harvest Programme leading to Pakistan-China Free Trade Area; b) Protocol on Quarantine Certification for Rice and Citrus; c) Agreement on Export of Livestock from China to Pakistan and transit facility through Pakistan to Middle East; d) Agreement on Customs Cooperation; e) Agreement between Export Promotion Bureau and Chinese counterpart Export Promotion Agency; and

f) Memorandum of Understanding on Free Trade.

The both sides reviewed co-operation in the areas of agriculture, industry and investment and underlined to expand and deepen bilateral economic cooperation across a broad range of sectors such as livestock, infrastructure, education and culture.

The need to establish Pakistan-China Investment Company and Pakistan-China Infrastructure Development Fund as an institutional mechanism was discussed to promote and provide investment funding for joint ventures in Pakistan.

The provision of $500 million assistance to finance development projects in Pakistan by the Chinese government was also appreciated by the Pakistani side.

The assistance has been fully committed to the GoP development priority projects. The need for additional development assistance was also discussed during the meeting.

Pakistan also appreciated the provision of 50 million RMBs ($6 million) grant assistance by the Chinese government.

It was hoped that these decisions would further strengthen the strategic, economic and development relations between the two countries.

The Chinese commerce minister appreciated the economic performance of Pakistan and assured his country’s full cooperation in the economic development of the country.—APP