Pakistan seeks further strenghthening ties with ASEAN

Pakistan's President Arif Alvi said that Pakistan has deep-rooted cultural and economic links with China-ASEAN region and Pakistan is deeply committed to further strengthening and diversifying these ties by exploring the feasibility of a China-ASEAN Trade Triangle that would propel three-way cooperation in trade, investment, culture and tourism.

Alvi made these remarks in a video speech to the inaugural ceremony of the 17th Session of China-ASEAN Expo, being held in Nanning, the capital city of Guangxi Zhuang autonomous region, from November 27-30. Pakistan is participating in the expo as a special partner country for the first time and is making full spectrum representation through country pavilion, commercial display booths and a trade and investment conference on the sidelines.

In his speech, Alvi praised China for effectively overcoming the COVID-19 pandemic and restoring trade and economic activity as testified by the holding of CAEXPO and other trade exhibitions. China, he said, has emerged as economic powerhouse and a strong exponent of free trade and multilateralism as shown by its signing of Regional Comprehensive Economic Partnership, the world's largest trade agreement to-date.

Pakistan has multifaceted economic cooperation with China, including a Free Trade Agreement, which entered its expanded phase II early this year, and the transformative China-Pakistan Economic Corridor which has brought great economic benefits to Pakistan and enhanced connectivity in the region. With completion of infrastructure and energy projects, CPEC has now entered a new phase of greater emphasis on strengthening Pakistan's industry, agriculture, and socioeconomic sectors.

Alvi also reiterated Pakistan's commitment to further strengthening trade and economic cooperation with ASEAN states. Pakistan is pursuing this objective through its sectoral dialogue partnership with ASEAN and membership of ASEAN Regional Forum. Pakistan is now exploring the feasibility of concluding a Free Trade Agreement with ASEAN.

Alvi highlighted the economic reforms of his government and the resulting macroeconomic stability and the conducive environment for business and foreign investment. He encouraged investors from China and ASEAN to avail the emerging opportunities of making profitable investments in the special economic zones of Pakistan, which are subject to special supportive policies and attractive tariff and tax concessions for foreign investors.