ISLAMABAD-Federal Minister for Commerce Syed Naveed Qamar on Thursday appreciated the barter trade model and said that the same could be used to enhance exports. He said that framework on barter trade model has been approved by the federal cabinet. The minister said this during a meeting with a Chinese business delegation led by Hou Jianxin, Chairman Shandong Xinxu Group Corporation China, held here in the Minister’s Office.
Syed Naveed Qamar said that China is playing a significant role in the economic development of our country however the barter trade model will inject new energy to the bilateral trade. He also assured full support of Pakistani government to the Chinese companies to enhance export volume of the country. Hou Jianxin said the Shandong government would shift Chinese industry to the Pakistan. He came up with the vision to build industrial park in Pakistan. The industrial park will serve as a focal point for all the industrial requirements of Pakistan from China and vice versa, he continued.
The chairman said, the projects like solar panels assembly plant, metal refining plants, fertilizer production plant, food processing plants (dry milk production, seafood processing, meat processing) etc. are being considered for future investment. He said Pakistan and China enjoy strong relations and expressed the hope that the trade and economic ties between the two countries would be further cemented with the passage of time.
Syed Naveed Qamar appreciated the decision of the Shandong government to shift its industry to the Pakistan, which would not only save foreign reserves of the country but also create job opportunities in the country. However the minister sought comprehensive proposals from the Chinese companies which are interested in shifting their businesses to Pakistan, which would be forwarded to the Board of Investment (BOI) for expediting the investment process.
9th Session of Pakistan-Australia
Joint Trade Committee
Meanwhile, the 9th Session of Pakistan-Australia Joint Trade Committee (JTC) was held on Thursday at the Ministry of Commerce, Islamabad. Secretary Commerce Muhammad Sualeh Ahmad Faruqui in opening remarks mentioned that Pakistan values its trade relations with Australia. He highlighted that Australia has emerged among the major development partners of Pakistan. The leader of Australian delegation, Gary Cowan, First Assistant Secretary, North and South Asia Division, thanked the Pakistani side for hosting the 9th session of JTC and mentioned that Australia is looking forward to discuss matters of bilateral trade and mutual importance. The Additional Secretary (Trade Diplomacy), Ahsan Ali Mangi led the Pakistani delegation during the JTC session. Matters pertaining to market access, rights related intellectual property rights especially with regard to Pakistan rice exports, import procedures in agricultural, Information Technology and Trade promotion were discussed. Both sides agreed to continue their mutual cooperation in the above-mentioned areas and further expand the bilateral relations.