BEIJING – Pakistan and China have decided to ditch dollar in theirbilateral trade which would be done in respective currencies, it has beenrevealed.

A joint statement issued by Prime Minister Imran Khan’s visit was released

In a Joint Declaration, both the sides reiterated that the friendshipbetween Pakistan and China has withstood the test of time, notwithstandingthe changes in domestic, regional and international environments.

According to the statement, Pakistan and China will use their owncurrencies during bilateral trade and China assured for help to steerPakistan out of economic crisis.

On trade, investment and financial cooperation, the two sides agreed tofurther consolidate and they agreed to boost Pakistan’s industrial capacityincluding through joint ventures in priority areas, relocation oflabor-intensive industry and SMEs collaboration.

The two sides noted the growing volume of bilateral trade and agreed totake concrete measures to address trade imbalance. The two sides agreed toconclude the second phase of the China-Pakistan Free Trade Agreement asearly as possible, and continue discussions on the Pakistan-China Agreementon Trade in Services. They agreed to hold the next round of the JointEconomic Commission early next year.

The two sides attached importance to friendly cooperation between thePeople’s Bank of China and the State Bank of Pakistan (SBP). They expressedsatisfaction at the operationalization of the currency-swap agreement andreaffirmed the need to further strengthen cooperative ties of financial andbanking sectors between the two countries.