KARACHI: The new Bilateral SWAP Agreement between People’s Bank of China and the State Bank of Pakistan reflect the strengthen trade and investment relations between Pakistan and China.
This was stated by Mazhar Ali Nasir, Acting President of Federation of Pakistan Chambers of Commerce & Industry (FPCCI) who is also the Chairman of Pakistan China Business Council of FPCCI in a meeting with the Ma Ya Hao Consul General of China in Karachi who visited FPCCI along with the Vice Consul General and Commercial Counsellor to meet the office bearers and the members of Pakistan China Business Council (PCBC) of FPCCI to meet the office bearers and the members of Pakistan China Business Council (PCBC) of FPCCI. The meeting was attended by Khurram Sayeed, Vice President FPCCI, Javed Khalili, Sr Vice Chairman PCBC, Sheikh Javed Ilyas, Majid Aziz, Sultan Shamsi and a large number of the members of PCBC.
Mazhar Nasir further said that the BSA with State Bank of Pakistan will make it easier to the traders of both China and Pakistan to settle cross-border trade and direct investment in Chinese currency (RMB).
Earlier in the meeting the Secretary General of FPCCI M. A. Lodhi discussed a brief presentation to Consul General about the structure and working plan of FPCCI.
The Consul General appreciated the efforts of FPCCI in promoting the bilateral relations between both the countries and expressed his gratitude to the pivotal role of Pakistan China Business Council of FPCCI for enhancing and strengthens the bilateral trade relation. He informed that for the last several years now China has implemented policies to promote the international use of its national currency RMB for which we have signed BSAs with different countries.
He said there is need to give awareness to the business community of both the countries through difference seminars and convention. He also assured his best cooperation for developing long lasting relations amongst the business community of both the countries.
The Sr. Vice Chairman of PCBC Javed Khalili said that BSA between State Bank of Pakistan and People’s Bank of China has been implemented in May, 2013 but he regretted that it is just implemented by order and not practically implemented. This agreement would be practically implemented when the state bank will allow the traders to open their account in Chinese Currency.
Khurram Sayeed, Vice President FPCCI said that the trade between China and Pakistan is increasing day by day and FPCCI is actively engaged in several activities in China through different trade fairs and exchange of trade delegations which are organized throughout the year in China.
He further informed the Consul General that FPCCI has two offices in China one in Chengdu and the other is in Kunming. Now we are planning to open another office in Shanghai for which FPCCI seeks necessary support and cooperation of the Chinese Consulate.
He also informed that FPCCI is planning to organize a single country exhibition of Pakistan in China. The Chinese Consul General assured him for full support in this regard.
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