KARACHI: President Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Engr. Daroo Khan Achakzai on Saturday underscored the need to use RMB (Renminbi is the currency of China), as trading currency between Pakistan and China and said that Currency Swap would be mutually beneficial and go a long way in strengthening economic ties between the two neighboring countries.
He said this in his welcome address to CEO Industrial and Commercial Bank China (ICBC) Bank Airdy along with his team who visited FPCCI here, said a statement.
The CEO ICBC Pakistan held a meeting with FPCCI members and apprised them of the benefits of under taking trade in RMB currency.
Talking to them, Engineer Daroo Khan said “China is a trillion dollar economy, trillion dollar exports and imports, surplus in current account, high and growing per capita income with low level of inflation, unemployment and certainly lower interest rate”.
The FPCCI President also appreciated the services rendered by ICBC in the backdrop of capital intensive mega investment projects of CPEC and China Pakistan Free trade Agreement (CPFTA) in implementing and facilitating bilateral trade in RMB.
CEO of ICBC Bank Airdy informed that RMB is now approaching its final frontiers, full convertibility and transformation into a “normal” currency used by companies and individuals in some countries especially southeast Asia and regions such as HK MACAU etc. TMB usage in trades and investment with China has opened the door to many new opportunities.
He said that SBP has taken comprehensive policy related measures to ensure that imports, exports and financing transactions can be denominated in RMB. All public and private sector enterprises (both of Pakistan and China) are free to choose RMP for bilateral trade and investment activities.
Chinese Commercial Counsellor Guo Chunshui in his multimedia presentation emphasized to create awareness on RMB usage among business community.
Referring to the first China-Pakistan FTA he said the bilateral trade volume between China and Pakistan increased from US$5.25 billion in 2006 to US$19.08 billion in 2018.
He hoped that in the coming years, the Chinese Consulate General in Karachi will focus its efforts on promoting the RMB usage in Pakistan and to boost bilateral cooperation.
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