ISLAMABAD: Pakistan and China on Sunday formalized a new partnership agreement to enhance bilateral economic cooperation, a crucial step in supporting Uraan Pakistan, the country’s ambitious initiative to become a $1 trillion economy by 2035.
The agreement, reached during a meeting between Federal Minister for Planning, Development, and Special Initiatives, Ahsan Iqbal, and Lu Hao, President of China’s Development Research Center (DRC) and Centre for International Knowledge on Development (CIKD), will foster collaboration in key areas such as trade, digital transformation, infrastructure, and energy.
Minister Iqbal stressed that the partnership with China is essential for the success of Uraan Pakistan, which focuses on five critical areas: exports, digital transformation, environmental sustainability, energy and infrastructure development, and equity and empowerment.
Through this agreement, Pakistan will benefit from joint research, training programs, and expert exchanges with China, all aimed at accelerating Pakistan’s economic development.
Iqbal further noted that the long-standing political relationship between Pakistan and China has already transformed into a comprehensive economic and social partnership, particularly through the China-Pakistan Economic Corridor (CPEC). He highlighted that Pakistan is eager to learn from China’s success in export-led growth and sustainable development, using China’s experience as a model for its own economic strategy.
The Minister pointed to positive economic indicators in Pakistan, such as the reduction in the policy rate from 23% to 11%, and the Pakistan Stock Exchange surpassing 140,000 points, all of which are aligned with the goals of Uraan Pakistan. These developments have been acknowledged by international institutions as signs of the country’s progress.
Additionally, Iqbal emphasized that while China imports nearly $2 trillion worth of goods annually, Pakistan’s share in this trade remains minimal. Expanding access to Chinese markets is a key objective under Uraan Pakistan, which aims to boost Pakistan’s exports and strengthen its global market position.
Reflecting on past challenges, Iqbal acknowledged that political instability and disruptions in policy continuity had hindered Pakistan’s development. However, he expressed confidence that the current economic strategy, driven by Uraan Pakistan, will help stabilise the economy and set the foundation for long-term growth.
Lu Hao expressed confidence in Pakistan’s economic strategy and reaffirmed China’s commitment to supporting Pakistan’s efforts. Both sides agreed to formalise their cooperation, marking a significant step towards achieving Uraan Pakistan’s ambitious economic goals.
