*ISLAMABAD – The falling oil prices in the global market would benefitPakistan in reducing its Current Account (C/A) deficit said Advisor toPrime Minister for Commerce, Industry and Investment Abdul Razak Dawood onTuesday.*
The statement comes after oil prices tumbled by as much as a third afterSaudi Arabia launched a price war with Russia.
Addressing a seminar here at Islamabad, Dawood said the China PakistanEconomic Corridor (CPEC) is in the interest of the country. The advisorsaid that the Pakistan energy crisis was overcome with China’s help, andwas of the time that it is now time to increase cooperation in the industryand agriculture sector.
The advisor said that the CPEC project would give Pakistan access tomarkets in China and Central Asia markets.
Talking about Pakistan’s economic indicators, Dawood highlighted that Rupeewas stabilized after 18 months. Meanwhile, Pakistan’s exports haveincreased by 13.6 percent in February as compared to other countries in theregion that has declined. Razzak said that the economy of Pakistan hasstabilized.
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Talking about the recent extension in GSP Plus status by the European Union(EU) is a ‘golden opportunity’ for Pakistani exporters, which shouldn’t bewasted.
Furthermore, the Chinese Ambassador to Pakistan Yao Jing in his addresssaid that CPEC has entered into the second phase. We are encouragingindustry cooperation and joint ventures, informed the Chinese envoy.
Jing said that the second phase of CPEC also includes agriculturalcooperation, furthermore, cooperation in science and technology will alsobe enhanced.
