Pakistan, China Discuss Bilateral Cooperation During BPC Summit

Pakistan, China Discuss Bilateral Cooperation During BPC Summit
Pakistan and China held talks on Sunday about their bilateral relations and decided to strengthen and extend their political and security cooperation, trade, economic and financial links, cultural exchanges, tourism, and people-to-people ties.

The third session of Pakistan-China Bilateral Political Consultations (BPC), a regular institutional mechanism between the two countries, was held in Beijing on March 18.

The Chinese mission was led by Deputy Foreign Minister Sun Weidong, whereas the Pakistani delegation was led by Foreign Secretary Dr. Asad Majeed Khan.

According to the Foreign Office, Pakistan and China would also strengthen the frameworks for high-level interaction and dialogue and the lines of communication.

The China-Pakistan Economic Corridor (CPEC), which has now been operational for ten years, has been a fundamental pillar of bilateral cooperation and a sign of the nations' ever-deepening friendship. The two sides have reiterated their commitment to CPEC.

They also decided to continue working on CPEC's growth, including enlisting outside help to improve connectivity and collaboration in the region.

Dr Majeed commended China for its substantial and ongoing support for Pakistan's economic stability as well as for providing aid after the disastrous floods in 2022. In the meantime, Sun reiterated China's support for Pakistan's territorial integrity, economic security, and sovereignty.

"The two sides expressed satisfaction at their strong cooperation and involvement in critical regional developments, particularly in Afghanistan," according to the Foreign Office statement. Pakistan and China shared views on a range of regional and global subjects of mutual concern.

It further stated that Pakistan and China would continue to improve their communication and cooperation on various platforms.

Pakistan now needs urgent economic aid to prevent a financial collapse as its economic problems have gotten worse. As was previously reported, a Chinese bank had promised Pakistan that it would offer another refinanced $500 million loan within a short period of time. Out of the total $2 billion promised, the Chinese loan would amount to $1.7 billion.

One of the requirements of the International Monetary Fund (IMF) was that Pakistan gets the rollover of Chinese deposits as well as the refinancing of commercial loans during the duration of the program, which is set to end in June 2023.