Revival of Pak-China JEC

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IN a sign of their deep commitment to broaden and deepen their bilateral relations, Pakistan and China have revived the Joint Economic Committee (JEC), which held its meeting after 11 years on Wednesday.

The forum has remained dormant since 2010 and the two countries pursued bilateral economic cooperation mainly under the framework of China-Pakistan Economic Corridor (CPEC).

Since the establishment of the China-Pakistan Joint Committee in Economy, Trade, Science and Technology, bilateral trade and economic relations developed markedly as it proved a beneficial forum to expand trade and two-way investment and encourage companies of the two countries to develop mutually beneficial cooperation.

At the last meeting, which was held in Islamabad in 2010, the two countries had arrived at an understanding to have in-depth exchanges on further expanding and deepening cooperation.

It was because of this that the Chinese companies expanded their investment from traditional fields like resource development, household appliances and motorbikes to telecommunication and finance.

Earlier, in the 13th session in 2007, the two sides signed a Projects Implementation Regulation for the 5-year Development Program on economic cooperation, which was another major step to promote wider, deeper and higher level China-Pakistan trade and economic cooperation with a view to achieving the goal of mutual benefits, win-win and common development.

Though the CPEC has become an all-encompassing initiative as the two countries are continuously expanding its scope, revival of the JEC would open up new vistas for cooperation provided relevant ministries and departments do their homework and result-oriented meetings of the forum are held frequently.

People of Pakistan are grateful to China for its deep commitment to the cause of cooperation and friendship with Pakistan.

In fact, there are no limits to bilateral cooperation and as has been pointed out by the Chinese Consul General in Karachi, Li Bijian, the 500 million strong middle class of China could be a big market for Pakistan. It is for the relevant ministries and the private sector to exploit opportunities for enhancing Pakistani exports to China.

As has been desired by him, the two countries should enter into meaningful cooperation in the fields of information technology and electric vehicles.

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