Chinese Premier bringing 260 Strong Trade Delegation to Pakistan

While the worlds last superpower took 200 US businessmen to Delhi, and did not sign any significant deals to invest in Bharat–the world’s next Superpower is coming to Islamabad. Chinese Prime Minister is bringing 260 businessmen with him–and several deals including the deal for the 1G Civilian Nuclear deal is about ready to be signed.

Procurement of 300 railway wagons is also expected to come under discussion as the President had already ordered an inquiry against officials creating hurdles in this deal. Unconfirmed reports suggest that China will announce facilitation of export of about 90 more items from Pakistan, which are not included in the Free Trade Agreement (FTA).

A 260-member business delegation, including private entrepreneurs, is scheduled to visit Pakistan later this month, along the Chinese Premier, Wen Jia Bao.

Official sources told Business Recorder that a number of agreements, worth billions of dollars, in different sectors including energy, agriculture, water, trade, industry and defence are expected to be signed during Bao’s visit. Nuclear energy deals will be a top agenda item despite US pressure on Pakistan.

The Economic Affairs Division (EAD) is active in finalisation of new pacts, besides progress on agreements and MoUs inked in the recent past. The leaders of the two countries may also discuss progress on a possible deal between Pakistan and China on purchase of a Pakistani bank. A couple of months ago, President Asif Ali Zardari had directed the concerned officials, including State Bank of Pakistan (SBP) Governor to remain in touch with the Chinese central bank to finalise a feasible proposal.

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Procurement of 300 railway wagons is also expected to come under discussion as the President had already ordered an inquiry against officials creating hurdles in this deal. Unconfirmed reports suggest that China will announce facilitation of export of about 90 more items from Pakistan, which are not included in the Free Trade Agreement (FTA). Commerce Secretary Zafar Mahmood visited China twice for discussion on this proposal floated by the Chinese Vice Premier to Pakistan.

Ambassador Masood Khan said that Pakistan and China enjoy close brotherly ties spread over last six decades. He said that the trade volume between Pakistan and China was increasing at a rate of 30 percent per year and was likely to increase to $18 billion in less than five years, from the current $7 billion.

Pakistan is expecting breakthrough regarding establishment of 1 gigawatt (GW) nuclear power plant during the Chinese Prime Minister Wen Jiabao’s three-day visit to Pakistan starting from December 17, official sources said on Monday.

According to the highly placed governmental and diplomatic sources, officials of Pakistan and China have been engaged in extensive talks on setting up a nuclear power plant in Pakistan having a capacity of producing 1 GW electricity. It is important to mention here that China has already completed construction of one nuclear power plant of 300MW in Pakistan while another plant of the same capacity is likely to be completed next year. Meanwhile, the project of constructing 1 GW nuclear power plant is likely to be finalised during Wen Jiabao’s visit to Islamabad.

During Jiabao’s visit, both the sides are expected to final ‘Currency swap agreement’ while Pakistan will stress for making full use of the Pak-China free trade agreement for increasing bilateral trade to $15 billion per year. The Nation.

The Ambassador said a China-Pakistan business summit in Islamabad would look at the ways to reduce trade deficit between the two countries while taking steps for increasing the total trade volume. In view of the importance of Pakistan-China relations, the number of business delegates has been increased from 150 to 260. He said China’s advanced economic team, which is already in Pakistan, held 14 useful and fruitful meetings in Islamabad during the past few days.

Last week, a Chinese delegation was in the federal capital, whose members went through different possible new pacts in addition to progress on the agreements in place. The delegation members also met President Asif Ali Zardari and other top officials. 260-member Chinese trade team to accompany Premier Wen: visit later this month by MUSHTAQ GHUMMAN. Business Recorder.

Islamabad-based diplomatic sources confirmed to TheNation that a breakthrough is expected during Wen Jiabao’s visit over the issue power generation. However, the Foreign Office did not confirm this. Meanwhile, a Chinese official based in Islamabad also confirmed that there have been discussions between the two countries about building a 1-gigawatt (GW) plant in Pakistan, in addition to the two 300-megawatt (MW) plants that Chinese companies are expected to build in Chashma.

Although China has been talking publicly for the past two months about its intention to build at least two more reactors in Pakistan, Chinese officials have not yet specified how they intend to get around the rules that bar the sale of nuclear technology to countries such as Pakistan that have not signed the nuclear non-proliferation treaty. The Nation.

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