Pakistan, China enter new strategic ties

The Federal Minister for Planning, Development and Reforms, Ahsan Iqbal, said that Pakistan and China have entered into a new era of strategic economic cooperation. The minister said, "While both Pakistan and China enjoy closest political relations we failed to translate this goodwill into a strong economic cooperation. The volume of trade between the two countries is meager USD 12 billion." Iqbal told that "In order to transform Pakistan into a knowledgeable economy we must ensure stability and become a symbol of hard and quality work in the world." He further added that Gwadar Port, an important port to the region, has great economic potential in the development of this region and its development will bring job opportunities and economic development to Balochistan province. The recent visit of Pakistani Prime Minister, Nawaz Sharif, to China last month has opened new dimensions of economic ties between the neighbouring countries. Pakistani prime minister met President of China, Xi Jinping, and Chinese heads and chief executives officers of financial institutions and corporate sector during his visit to help resolve Pakistans energy problems and development of infrastructure projects. The two countries have been involved in different economic projects including Pakistan's Gwadar port taken by China earlier this year. China-Pakistan trade last year reached USD 12 billion and is targeted to rise to USD 15 billion in the next two to three years.