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China and Pakistan to Review Existing Free Trade Agreement

Explore the latest developments in China-Pakistan trade relations, where China is set to enhance the existing Free Trade Agreement, provide trade finance in yuan, and offer loans for business relocation to Pakistan. Discover how this collaboration aims to spotlight Pakistani products and foster mutual prosperity between the two nations.

China and Pakistan to Review Existing Free Trade Agreement

China and Pakistan are working together to make their trade agreement even better. They want to use Chinese money (yuan) to support trade and give loans to help businesses in Pakistan. The goal is to promote Pakistani products and connect them with the agreement China already has with ASEAN countries. The request was made when Interim Commerce Minister Gohar Ejaz visited China with a group of 20 people.

Minister Ejaz said that Pakistan will make a list of important things after talking to the right people. Pakistan also asked China for $5 billion in yuan to help with projects that will make it easier for Chinese companies to move to Pakistan.

They plan to pay back the money using the money they earn from exporting goods. Only certain zones in Pakistan will be used for this, called Special Economic Zones (SEZs) or Export Processing Zones (EPZs). Chinese investors will use the money from the government and make profits in US dollars by exporting goods. This money will be used to pay back the loan.

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If this plan is accepted, Minister Ejaz said that Pakistan’s foreign money reserves will not be used. In a tweet, he said, “Pakistan is ready to move forward and become more successful. I invite Chinese businesses to join us on this journey. Our top 20 companies are here to explore partnerships. Let’s work together for mutual benefits!”

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