- The mutual investment will be in Seafood, Agriculture, Steel and Pharmaceutical sectors
- Pakistan and China are negotiating the second phase of Free Trade Agreement (FTA) to enhance bilateral trade
ISLAMABAD: Pakistan and China have signed eight memoranda of understandings (MoUs) worth $100 million for mutual investment and joint ventures in the seafood, agriculture, steel and pharmaceutical sectors, Pakistan’s Information Ministry said on Wednesday.
Fourteen private companies from both sides signed the MoUs to expedite trade and business between the two countries, Pakistan’s state-run radio reported.
The economic and commercial counselor of the Chinese Embassy in Islamabad, Wang Zhihua, said: “Pakistan and China are negotiating the second phase of a free-trade agreement to increase trade and provide free-trade opportunities in their markets.”
On Monday, Pakistani Prime Minister Imran Khan said strengthening the strategic partnership between the two countries is the cornerstone of Pakistan’s foreign policy.
Early implementation of China-Pakistan Economic Corridor (CPEC) projects will help realize the true potential of bilateral economic relations and benefit the entire region, he added.
Khan “said that CPEC was a great opportunity to learn from the Chinese experience especially in social sector, agriculture and other areas,” his office said in a statement.
Agricultural output is the backbone of Pakistan’s economy, and can be enhanced manifold by benefiting from Chinese expertise and employing the latest technologies and efficient methods, he added.