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Sun. Jun 23rd, 2024

Islamabad: Pakistani Interior Minister Ahsan Iqbal (who has been central to the planning and implementation of China-Pakistan economic ties) has officially declared on December 19, 2017 that Pakistan would no longer use American dollars in trade with China, but they preferred to use Yuan in CPEC. According to international business news reports, China’s economy would have boosted after that bilateral trade (i.e. $13.8 billion in 2015 to 2016) between China and Pakistan.

Government of Islamic Republic of Pakistan and China open heartedly appreciated that step of an interior Minister.

According to sources, the proposal would replace the US dollars with Chinese Yuan.

Mr. Iqbal reported, “The proposal is after unveiling a long-term economic development cooperation plan for the two countries.

“Pakistan will continue to use the rupee domestically.

“The long-term plan highlighted key cooperation areas between the neighboring states including road and rail connections, information network infrastructure, energy, trade and industrial parks, agriculture, poverty alleviation and tourism.”

Proclaimed by International media, the plan to replacing the currency decreased the worth and importance of dollar in global market and Stock exchange, and two countries would plan to work together on CPEC (China Pakistan Economic Corridor) as partners up till 2030.

However, apart from CPEC, both countries also signed a project “Belt and Road” and committed on an agreement by investing $57 billion in Pakistan which would be considered as an initiative to build new Silk Road of land and sea routes for the trade that covered more than 60 countries in Asia, Europe and Africa.

 

 

 

 

 

 

 

 

 

 

Reporter: Syeda Faiza Bukhari

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