KARACHI: The Employers’ Federation of Pakistan (EFP) greatly welcomes the decision by the central banks of Pakistan and China on collaborating on conducting payments and trade in Renminbi (RMB).

In a statement, Ismail Suttar, President of the Employers Federation of Pakistan (EFP), said that a Memorandum of Cooperation was signed between the central banks of both countries on RMB clearing in Pakistan. The Chinese central bank also proposed for Pakistan to set up a RMB capital circulation system to further promote trade and transaction in the Chinese currency.

“In 2021 alone, Pakistan imported goods worth over US$20 billion from China. In the same year Pakistan was able to export goods worth over US$3 billion. Analysts predict that Pakistan’s exports to China may exceed US$4 billion in 2022.

Copyright Business Recorder, 2022