Pakistan is thinking about using Chinese currency for Bilateral trade:
As we all know that the relationship between Pakistan and China is going strong day by day. There is a growing cooperation of Pakistan with China following implementation on China-Pakistan Economic Corridor (CPEC) plan. Pakistan is thinking about using Chiese currency for bilateral trade instead of US dollars. The decision of this is because to avoid the unnecessary stress of constant process of changing Yuan and Rupees into dollars.
The Interior Minister of Pakistan, Ahsan Iqbal said that during the inauguration ceremony of the long-term Plan of 2017 to 2030 of the China-Pakistan Economic Corridor in Islamabad on Monday. China has also been pressing Pakistan to permit the use of renminbi ( RMB) which is the official name of their currency in the Gwadar Free Zone. The event organized by Pakistan was also attended by the Chinese Ambassador to Pakistan Yao Jing.
Ahsan Iqbal who also control the charge of Ministry of Planning and Development.
Opment said that the use of RMB or even any other currency would not be allowed to use normally in Pakistan but the consideration is limited to using RMB only for trade purpose between Pakistan and China.
Ahsan Iqbal while addressing the ceremony opined that it has become important for Pakistan to follow and act on China’s economic vision.
‘’ We have to learn from China, how China with its political stability, how China with its social solidarity and harmony, and how China with the pursuit of its economic policies and vision has become a success story in the world’’
‘’We need to learn from the wisdom chinses leadership has shown, and the path Chinese leadership has followed to bring about the biggest miracle of human civilization’’ he said, explaining that China went the least developed country to one of the fastest developing countries.
China is now one of the export engines throughout the world because it has mastered low-cost production. He remarked
‘’ we should follow the economic miracle of China’’
‘’CPEC was a national plan approved by the both the Chinese and Pakistan government’’
‘’ It will effectively match relevant national pans of China as well as Pakistan vision 2025’’
Moreover, he said ‘’ the plan is effective until 2030, the short-term projects included will be considered by up to 2020; medium-term project up to 2025 and long-term projects up to 2030’’
The interior minister said that when the president of China visit to Pakistan in April 2015, the all-weather strategic cooperation partnership was enriched with new connotations between the two countries.
He praised the neighboring country and said ‘’ China had invested over $50 billion when other countries were not interested to make any investment’’
Moreover, he said ‘’ Chinese were doing what the Americans and Europeans should have done after the end of Afghan war’’ that evicted the Soviets from Afghanistan. ‘’That war helped bring down the Berlin Wall and made Europe safe. But we here in Pakistan are still paying the price for it’’
Moreover, he said that the long-term project will enhance the scope of cooperation in various new areas, including cooperation in social and economic fields.