China and Pakistan vowed in a joint statement issued in Beijing Tuesday to enhance their cooperation in such fields as economy, trade and energy.

Both sides expressed their firm resolve to strengthen cooperation in all spheres and agreed to explore new ways to expand economic cooperation and trade to promote common development for the two countries and peoples.

The two sides are satisfied with the implementation of the Early Harvest Program, and agreed to expedite negotiations on the Free Trade Agreement. They emphasized that overland trade through the Karakoram Highway should be promoted and were ready to adopt measures to facilitate such trade.

In the joint statement, the two countries also expressed deep satisfaction with the progress being made on various Chinese-assisted economic projects in Pakistan, and agreed to encourage cooperation between Chinese and Pakistani companies, including setting up joint ventures, and supported the early launching of a joint study on expanding economic cooperation and trade.

According to the document, both sides agreed to set up a China-Pakistan Joint Investment Company between the financial institutions of the two countries, reached an agreement in principle to upgrade the Karakoram Highway, and signed a framework agreement on expanding and deepening economic cooperation.

As for cooperation on energy, both sides agreed to enhance cooperation in this field, and signed the Framework Agreement on Energy Cooperation.

Pakistan expressed its interest in construction of oil refineries, gas terminals, oil and gas storage and transit facilities. The Chinese side welcomed these proposals and agreed to assist in the development of oil and gas sector in Pakistan. Both sides also agreed to enhance cooperation in the peaceful use of nuclear energy.

During Musharraf's China visit, China and Pakistan signed a series of agreements of cooperation in such fields as trade and economy, energy, food, agriculture, health and meteorological science and technology.

Source: Xinhua