Deep-rooted differences

The history of well-established, principled and long-standing partnerships based on cooperation between China and Pakistan dates back to the earliest years when Pakistan was one of the first major countries to recognise the People’s Republic of China. This ‘time-tested and all-weather’ friendship is built on the strong pillars of bilateral cooperation on socio-economic grounds. Continuing the harmonious legacy of trust and collaboration, China has become the largest trade partner of Pakistan after the Free Trade Agreement was signed in 2006, where both countries have agreed to eliminate tariffs on a number of products. Similarly, China-Pakistan Economic Corridor (CPEC) is a multi-billion-dollar infrastructure- development project consisting of a network of highways, railways, pipelines, special economic zones, power plants, and multiple other ventures. A consortium of Chinese investors, including the China Financial Futures Exchange, Shanghai Stock Exchange, and Shenzhen Stock Exchange, have purchased up to 40 per cent stake in the Pakistan Stock Exchange (PSX).