Pakistan, Chinese traders to benefit from CSA
The governments of Pakistan and China should make special endeavors to up lift confidence of importers and traders of both the countries on benefits of Currency Swap Agreement (CSA) It was stated by Mr. Shah Faisal Afridi, President Pak-China Joint Chamber of Commerce and Industry (PCJCCI) while delivering address of welcome to a 6-member Chinese Delegation led by Mr. Zhu Ming Wei General Manager of Zhangjiakou Shengyuon Leather Chemicals. The delegation included Mr. Wu Waybi, Mr.WeiGuo, Mr.Sam, and Mr. Cao Yan. He said both the governments need to disseminate information regarding this imperative agreement among their respective trade Bodies and Chambers of Commerce and Industry.
He opined that absolute execution on currency swap agreement with China can rectify the economic obscurity of Pakistan as the bilateral trade between Pakistan and China is not getting anticipated benefits from this agreement (CSA). He said that the CSA signed in 2013 is treading on a vague trajectory with no destination at all.
While explaining the importance of currency swap agreement, Shah Faisal Afridi said that currency swap deal was signed to prove as a timely antidote to the ailing two-way trade relations. He said, China is now the world's second largest economy and largest exporter and the execution of this agreement was to facilitate domestic financial stability, China's currency, the renminbi (RMB), is also gaining popularity around the world through CSA, therefore proper execution is necessary to reap desired benefits for Pakistan, he added.
He observed that with the growing importance attached to China as a pivotal economy of the world as well as an immediate neighbor of Pakistan, it is about time for Pakistan to think about strengthening its economic ties with China, apart from existing strong strategic and military relations.