Imran Khan's visit to China fruitful for both sides

Prime Minister of Pakistan Imran Khan's recent visit to China with top ministers and government officials will have positive impact on bilateral relations. It will set direction for the both governments to move forward for the next five years and it will also likely give new dimensions to bilateral cooperation.

During the visit, Khan met with President Xi Jinping, Premier Li Keqiang, Chairman of the Standing Committee of the National People's Congress Li Zhanshu and Vice-President of China Wang Qishan. He also delivered a speech at the Party School of CPC Central Committee and later visited Shanghai and attended the first China International Import Expo as a guest of honor.

According to a comprehensive joint statement, which was released at the end of the visit, both sides had an in-depth exchange of views on bilateral, regional and international issues of mutual interest.

Both countries agreed to strengthen cooperation in the fields of economy, trade, finance, science and technology, agriculture, healthcare, humanities, education and other sectors and signed 15 important cooperation agreements in related fields.

Two sides reiterated their commitment to CPEC and agreed that it was a win-win initiative not only for both countries but also for the entire region and it would bring regional prosperity and development through improved connectivity. The visit quelled all the rumors and negative propaganda against CPEC as both sides categorically rejected this propaganda and expressed their resolve to safeguard the CPEC projects from all threats. The visit will end uncertainty about CPEC which was being created by anti-CPEC propaganda by a section of foreign media and it will be also boost implementation on CPEC projects. The visit has further improved mutual trust and working relationship between both governments and it has increased top level bilateral engagements to improve cooperation in different sectors.

Khan visited China when Pakistan is facing difficult political and economic situation. One of the major objectives of the visit was to seek immediate support from China to tackle current economic crisis. The visit ended with fruitful results for Pakistan as China assures all possible support to government of Pakistan in handling financial difficulties. China's support to resolve Pakistan's financial difficulties is being greatly welcomed and lauded in Pakistan. It reflects that China is Pakistan’s most trustworthy friend and always supports Pakistan in difficult time.

Pakistan is currently facing trade imbalance and, in this context, it has been decided that measures will be taken to address this trade imbalance. It is hoped that Pakistan and China will complete review on China-Pakistan Free Trade Agreement soon and more facilities will be provided to Pakistani exporters as China has already decided to increase imports. This will increase Pakistan's exports and it will also fix trade imbalance. Pakistan needs to enhance its exports capacity by improving the quantity and quality of products and also need to modernize and diversify its export-oriented products.

The proposal about trade between Pakistan and China through a yuan-rupee swap arrangement is best interest of both countries. It will facilitate trade and would ease foreign reserves pressure on Pakistan.

CPEC, which is considered a basic pillar of Xi's proposed Belt and Road Initiative, has already entered into an important phase as mostly early harvest projects have been completed and others will be completed soon. CPEC has achieved good progress in last several years as 10 important infrastructure and energy projects have been completed so far. These projects are playing important role in improving country’s infrastructure, ending severe energy crisis, raising GDP, creating employment opportunities and providing huge socio-economic benefits. The eight session of the Joint Coordination Committee which will be held before the end of the year in Beijing will likely take CPEC into next level. During this stage nine industrial zone in different parts of Pakistan will be established as feasibility work on these industrial zones has already been started. The establishment of industrial zones will start new era of revival of country's industrial sector and will bring massive benefits for the people of Pakistan. It will increase Pakistan's exports by taping the manufacturing potential in agriculture, textile, food, mineral, engineering and other sectors. It will create more jobs and reduce poverty in the country. Smooth implementation on CPEC projects will not only serve the interests of both countries but also entire region will be able to reap its benefits. It will help government of Pakistan to fulfill its reforms and welfare agenda and it will bring social and economic development in the country.

The author is a researcher and journalist working for Independent News Pakistan.