Pak-China trade estimated to touch $15-bn

Islamabad: Pakistan and China two-way trade will increase to $15 billion in four years, Chinese Ambassador in Islamabad Luo Zhaohui said here tonight.

Talking to newsmen after inaugurating the Chinese New Year celebrations at a local hotel, Ambassador Luo Zhaohui said that the current level of bilateral trade is $6.5 billion, which was on the rise.

He said China is conscious that the trade balance is heavily in favour of China, therefore it was taking necessary steps to balance it by importing more goods from Pakistan. Zhaohui said that the Chinese government was pressurising its coal-mining firms to undertake the Thar Coal Project, which is very important to meet the growing energy needs of Pakistan.

He said that China had built the Gwadar deep-sea port and handed it over to Pakistan. 'The ort is now being run by the Singapore Seaport Authority and China had nothing to do with its operations,' he added. In reply to a question Zhaohui said that Pakistan and China were co-operating with each other in war against terrorism and Pakistan was talking all steps to curb extremism and terrorism in the region. He said that Pakistan was an old friend of China and China would never forget Pakistan while promoting its bilateral relations with other countries like India in the region.

Earlier the Ambassador inaugurated the weeklong Chinese New Year celebrations at a local hotel on Friday evening. The Chinese new year is celebrated on the first day of the first moon of the lunar calendar. Traditionally, it is a time for family reunions and gatherings, and for visiting friends and relatives. This holiday, more than any other Chinese holidays, stresses the importance of family ties. Here culture and diversity is celebrated hand in hand with an age long history of tradition.