Pak­istan, Chi­nese traders to ben­e­fit from CSA

The Pak Banker - - NATIONAL -

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.

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