Pakistan, China sign MoU to increase economic cooperation
Saturday, January 30, 2010
KARACHI: The Federation of Pakistan Chambers of Commerce and Industry and the China Council for Promotion of International Trade, Sichuan Council (CCIPT Sichuan Council) have signed a memorandum of understanding to foster trade between the two countries.
The trade between the two friendly countries, which has potential of reaching $15 billion in two years, needs calibrated efforts to reap the potential available.
The objective of signing the MoU is to establish close economic cooperation between Pakistan and western Chinese province of Sichuan, which will further help expansion of economic co-operation between the enterprises.
Under the MoU, both the organisations will undertake such activities which will foster the process of economic cooperation between China and Pakistan, including annual meeting of the representatives in Pakistan and China (Sichuan).
The two chambers will also assist in visits of commercial and economic delegations, exchange market information on existing laws and regulations pertaining to foreign trade and establishment of joint ventures in mutually interested areas for fostering bilateral investment.
Both organisations shall assist the enterprises/organisations in their respective countries to participate in international forum on joint basis, organize/participate in national exhibitions, international fairs, specialized exhibitions, economic and technical fairs, information bureaus, symposia, conference or similar events taking place in their respective countries and form a joint Business Council, aiming at promotion of bilateral economic relations.
The MoU was signed on Jan 29 by Tariq Sayeed former President of FPCCI and Li Gang, Chairman, CCIPT Sichuan Council on behalf of their respective organisations, said a press release issued here on Friday.