Pakistan to sign trade MoU with Beijing after offering free visas to Chinese from Aug. 14
02 August 2024
Published in: Arab News
Pakistan’s federal cabinet on Friday approved the signing of a memorandum of understanding (MoU) with China on trade promotion and cooperation after the government announced free visas for Chinese nationals from August 14.
Prime Minister Shehbaz Sharif went to China on a five-day official visit earlier this year in June where he interacted with investors and representatives of big businesses, asking them to branch out and set up their facilities in Pakistan.
The two countries have already been collaborating under the umbrella of the multibillion-dollar China-Pakistan Economic Corridor (CPEC), a collection of infrastructure and energy projects, with an aim to enhance economic growth and regional connectivity.
They now plan to establish special economic zones and promote bilateral industrial cooperation.
“The cabinet has approved the signing of a memorandum of understanding on trade promotion and cooperation between the governments of Pakistan and China, as recommended by the commerce ministry,” said an official statement issued after the meeting chaired by Prime Minister Shehbaz Sharif.
“Under the MoU, cooperation between Pakistan and China will be enhanced in various sectors, particularly in the manufacturing of smartphones, new energy automobiles, textiles, agriculture and agricultural product processing, pharmaceuticals and information technology industries,” it added.
Pakistan has also taken steps to ease the movement of Chinese nationals to the country, with Radio Pakistan reporting a day earlier the prime minister had announced “exempting Chinese citizens from visa fee with effect from 14th of this month.”
The report said Sharif also highlighted his interest in joint ventures among the firms based in the two countries and hoped Chinese firms would relocate to Pakistan.
