On October 23, 2018, during the visit of Vice President Wang Qishan to Palestine, Vice Minister of Commerce Qian Keming and Minister of the Palestinian National Economy Ou Wei jointly signed a memorandum of understanding witnessed by the leaders of both sides, announcing the official launch of the China-Pakistan Free Trade Agreement. negotiation. The two sides agreed to step up negotiations and strive to reach an early agreement.
In recent years, China-Pakistan economic and trade cooperation has achieved remarkable results, and bilateral trade has grown significantly. For the whole year of 2017, the bilateral trade volume between China and Pakistan reached US$69.28 million, a year-on-year increase of 16.2%. In November 2017, the China-Pakistan Free Trade Agreement Joint Feasibility Study was officially launched.
After more than half a year of joint research, the two sides reached agreement on the conclusions of the joint feasibility study. The two sides believe that the signing of the free trade agreement will further strengthen bilateral economic and trade relations and bring more benefits to the enterprises and people of the two countries.