World Economy

Pakistan, China Vow to Expedite Economic Corridor

Pakistan, China Vow to Expedite Economic CorridorPakistan, China Vow to Expedite Economic Corridor

Pakistan and China vowed to expedite work on the China-Pakistan Economic Corridor during a meeting between Pakistani Prime Minister Nawaz Sharif and visiting Chinese Foreign Minister Wang Yi.

China has been a trustworthy friend of Pakistan, and friendship with China is the cornerstone of Pakistan’s foreign policy, Xinhua quoted Sharif as saying.

Pakistan is looking forward to welcoming a state visit by Chinese President Xi Jinping at an early date in 2015, the Pakistan-China Year of Friendly Exchanges, the prime minister said, adding that his government believes the visit will bring the strategic cooperative partnership between the two countries to a new level.

He said Pakistan attaches great importance to the Pakistan-China Economic Corridor and is willing to work vigorously with China to build the corridor and get early harvest.

The Chinese foreign minister extended great appreciation to Sharif for his unremitting efforts to promote China-Pakistan ties.

China and Pakistan are “iron brothers,” he said, adding the iron brotherhood between the two countries “will never go rusty.”

The upcoming visit by President Xi to Pakistan this year will provide a powerful impetus to the development of bilateral relations, said Wang.

He said the two countries should push forward both economic cooperation and security cooperation at the same time. China and Pakistan should boost economic cooperation in key fields such as the China-Pakistan Economic Corridor, port, energy, transportation infrastructure and industries while jointly combating terrorism to maintain peace and stability of the region, said Wang.

  US Urges Reforms

US Consul General Zackary Heindreker has said that the United States is Pakistan’s largest trading partner, as bilateral trade between the two countries exceeded $5 billion during last fiscal year. The US is also one of the top sources of foreign direct investment to Pakistan, with $206.8 million in FY 2013.

While talking to the members of the All Pakistan Business Forum in Islamabad, the US Consul General said that in last fiscal year, the United States accounted for 15.7 percent of Pakistan’s exports, the most of any country, and $1.12 billion of its imports, he added.

The US consul general said that economic reforms require tough decisions, but it would help Pakistan overcome fiscal, energy and agriculture challenges.

He said trade also has the potential to create jobs for the estimated 20 million Pakistanis entering the labor force in the next 10 years. He added that Pakistanis could reach their full potential when they have economic opportunities. He said that American companies were productive and progressive members of Pakistan’s society and economy.