BEIJING: Pakistan and China have agreed to further strengthen their economic cooperation through a new partnership agreement between Pakistan’s Ministry of Planning and China’s Development Research Center (DRC).
The agreement, discussed during a meeting between Federal Minister for Planning, Development, and Special Initiatives, Professor Ahsan Iqbal, and Mr. Lu Hao, President of the DRC and the Centre for International Knowledge on Development (CIKD), aims to enhance bilateral economic ties and foster greater collaboration.
Minister Ahsan Iqbal stated that robust economic cooperation with China is pivotal to Pakistan’s national development. He emphasized that the China-Pakistan Economic Corridor (CPEC) has successfully transformed the long-standing friendship between the two nations from mere political cooperation into a comprehensive economic and social partnership.
Iqbal expressed Pakistan’s eagerness to learn from China’s economic success and reform experiences, highlighting China’s scientific planning as a guiding model for achieving long-term, sustainable development.
He noted that under the Uraan Pakistan program, Pakistan’s economy is on a path to stability, with a target of becoming a one-trillion-dollar economy by 2035.
The Minister pointed out that various indicators of Pakistan’s economy, including a reduction in the policy rate from 23% to 11% and the Pakistan Stock Exchange crossing 140,000 points, show positive trends, acknowledged by international institutions.
The Minister also highlighted that China imports nearly 2 trillion dollars worth of goods annually, while Pakistan’s share in this trade remains small. Pakistan aims to expand trade with China and gain better access to Chinese markets, which is considered a key economic objective.
Reflecting on past challenges, Minister Iqbal acknowledged that political instability and a lack of policy continuity had previously hindered Pakistan’s development. However, he expressed confidence in Pakistan’s strategy for building an export-led economy.
During the meeting, Mr. Lu Hao expressed confidence in Pakistan’s economic strategy and reaffirmed China’s support for Pakistan’s development efforts.
Both sides agreed to formalize their cooperation through the partnership agreement, which will include joint research, training programs, and expert exchanges aimed at supporting Pakistan’s economic development.
