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Pak PM’s China visit : Signs seven accords |
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China and Pakistan signed as many as seven agreements during the just ended visit of Pakistan Prime Minister Shaukat Aziz to Beijing. A general framework agreement signed by the two countries relates to utilization of $500 million preferential buyers’ credit. Under the accord, loans would be extended to Chinese companies for setting up projects in Pakistan. The two countries also exchanged letters for the utilization of $150 million from the preferential buyers’ credit for the Chashma-II project. A MoU was also signed on a protocol on Preferential Trade Agreement which seeks to expand the preferential tariff list. Another MoU signed related to exploration of oil and gas. Under another MoU, the production of gold and cooper would be increased. Briefing newsmen later, the Pak Foreign Secretary, Riaz Khokhar said on Dec. 16, the trade agreements would take the existing economic relations between the two countries to a higher level. At present, China’s investment in Pakistan stand at $4 billion.
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