China, Pakistan Trade Surges Under CPEC – Research Snipers

China, Pakistan Trade Surges Under CPEC

Masood Khalid the Pakistan Ambassador to China said that after the China-Pakistan free trade agreement was signed in 2007 and the mega project CPEC launched in 2013 the bilateral trade between the countries has gone high. China-Pakistan Economic Corridor (CPEC) is a mega project that has brought growth, development and investment opportunities on both sides of the coin.

China, Pakistan trade has surged under CPEC.

The ambassador said, “Currently, China is Pakistan’s largest trading partner and foreign investor.”

It clearly means that presently China has become the largest trading partner and foreign investor of Pakistan. He informed that China’s Belt and Road initiative and economic aid & investment has benefited Pakistan. Both the countries are together moving towards a better prosperous future.

Currently, under CPEC the 1,320-megawatt Sahiwal project and 660-megawatt Port Qasim coal-fired power plants have finished. Along with this the Lahore Orange Line train in the last stages of completion. The upgradation of the Peshawar-Karachi highway of Karakoram Highway is also almost complete.

Khalid stressed that China has played an essential part in many issues going on around the world. Specifically, in Pakistan, China’s investment is undeniable.

Other than Pakistan, China is the biggest trading partner of 15 Asian nations. China has improved its trade and economic cooperation with its neighboring countries. This trade integration will be preserved and strengthened in upcoming years.

MOFCOM data reveals that trade reached $1.17 trillion between China and 25 Asian nations in the previous 11 months of 2017. In China’s top ten trading partners Japan, South Korea, Vietnam, Malaysia and Pakistan are included.

Almost $10.77 billion worth of investment went to China from 25 Asian nations. China also invested almost the same amount in Asian countries. $10.67 billion was invested by China in the Asian nations.

Thanks to CPEC not just the trade between China and Pakistan has increased, it has also prompted other countries to explore the investment opportunities in Pakistan which is very encouraging for the present and future of the country.

Must read: Pakistan’s top trading partners in the world