BEIJING: Pakistan and China have pledged to deepen their economic ties, with Pakistan signalling its support for China’s efforts to expand the use of the Renminbi (RMB) as a global currency. Minister of Planning, Development and Special Initiatives, Ahsan Iqbal, said during his visit to Beijing that China had been ramping up support for RMB clearing and settlement in its foreign trade, especially with Belt and Road Initiative (BRI) countries
He added that Pakistan was one of the leading countries using RMB for international trade settlement, with the ML-1 project, worth almost $8 to $9 billion, being structured with deals in RMB. He said Pakistan had already signed a memorandum of understanding with China to facilitate the use of RMB in bilateral trade and investment.
The minister also praised the China-Pakistan Economic Corridor (CPEC), a flagship project of the BRI, which he said had not only been central to Pakistan’s economic growth but had also contributed to regional connectivity and development.
During his meeting with Li Chunlin, Vice Chairman of China’s National Development and Reform Commission (NDRC), Iqbal reaffirmed Pakistan’s strong commitment to the smooth and high-quality development of the next phase of CPEC with a greater focus on the development of industrial parks and Special Economic Zones (SEZs).
