Pakistan’s bilateral trade with China to reach new heights: FM Bilawal

BEIJING: Foreign Minister (FM) Bilawal Bhutto Zardari has asserted that Pakistan’s bilateral trade with China is expected to flourish further, thanks to the win-win cooperation between both countries in the fight against climate change and investments in renewable energy.

“Over the last 71 years, successive generations of leaders have nurtured bilateral ties between Pakistan and China”, the foreign minister said in an exclusive interview with Chinese news agency at the World Economic Forum, Davos, Switzerland this week.

“Our relationship is based on mutual respect, trust and understanding. Both countries support each other on issues of core interest. Pakistan and China believe in promoting regional peace and stability and share a common dream of national development and prosperity,” he said.

Islamabad-Beijing relations have also grown thanks to new initiatives such as the China-Pakistan Economic Corridor (CPEC), and the Belt and Road Initiative (BRI) proposed by China in 2013, he said.

FM Bilawal emphasized that Pakistan and China today have a multi-faceted partnership. “We have robust strategic and defense cooperation. Our economic and trade relations are rapidly advancing, entering a new phase with the China-Pakistan Economic Corridor (CPEC). Our financial, investment and industrial sectors maintain close links,” he said.

“China has become the top destination for Pakistan’s students and there are strong links between our people nurtured by artists, academia, the scientific community and the media,” he added.

With investments in the country’s modern transportation networks including roads and railways, energy projects, ports and special economic zones, the CPEC has provided the opportunity for Pakistan to promote development and economic growth.

Regarding the bilateral trade outlook between China and Pakistan, FM Bilawal said that economic relations are the centerpiece of the Pakistan-China all-weather strategic cooperative partnership.

Trade relations with China have exceeded pre-pandemic levels, he added. “China is among our top export markets and the largest source of foreign direct investment. Both our countries also have an extensive Free Trade Agreement (CPFTA) that is contributing to our wide-ranging economic relationship.”

“In renewables, Pakistan and China have undertaken a number of major solar, wind, and hydroelectric projects. We also welcome Chinese enterprises to join Pakistan’s Solar Power Initiative, which seeks to respond to human-induced climate change, notwithstanding Pakistan’s own negligible contributions,” he said.

The Annual WEF Meeting 2023 was held in Davos, Switzerland, from Jan. 16-20, under the theme of “Cooperation in a Fragmented World.”