The Memorandum of Understanding was signed at Federation House, Karachi by Tariq Sayeed, Patron-in-Chief of Pakistan-China Business Council and Mushahid Hussain Syed, Chairman, Pakistan-China Institute, according to a statement received here Friday. While speaking on the signing ceremony both the signatories informed that the purpose of signing of Memorandum of Understanding was to make joint efforts in bringing the business community of the both countries closer and intensifying the economic and bilateral trade relations between the two countries. Both the non Government institutions will jointly hold Seminars, Briefings, Conferences, Research projects and bilateral meetings on a regular basis in Pakistan as well as organizing joint delegations and joint ventures in various fields. In accordance to the agreement they will organize participation in Trade Fairs in China to enhance the commerce and economy and trade. The two institutions will hold bilateral as well as trilateral consultations periodically in cooperation with reputable counterparts in China for exchange of business leaders, delegations of private sector enterprises as well as scholars and students interested in these issues. The two institutions will serve as the principal private sector platform between Pakistan and China to promote research, study and activities on various other areas well as that may be of interest to counterparts in China including geopolitics, energy, education, environment, culture, sports, climate change, poverty alleviation, good governance or any other challenges facing the two countries. The websites of both institutions will be available to each other for dissemination of information by mutual consent. The two institutions will endeavor to organize an annual Pakistan-China Business Summit alternatively in Pakistan and China, with the support of a counterpart from China, as well as including each others organizations in delegations visiting China or a third country with a focus on China. Given the emerging regional cooperation, both the institutions will seek to promote closer collaboration between Pakistan and China in the broader context of economic interaction between two countries with reference to South Asia, East Asia, Central Asia and West Asia to pursue and promote the vision that is common namely, that the 21st century should be an "Asian Century" of peace, progress and prosperity for the entire Asia.