National Bank of Pakistan. PHOTO: NBP
“The presence of NBP in China will help Pakistan businessmen to enter into financial deals without any fear of unnecessary disputes or litigation with their Chinese counterparts,” Chawla remarked in a statement released on Saturday.
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He emphasised that NBP’s footprint in China was very necessary, hence the government should expedite the process by removing hurdles in the way of early establishment of NBP branches in Beijing and Shanghai.
“Our bilateral trade volume has jumped to $15.27 billion and we are expecting a sizeable increase in it due to full functioning of China-Pakistan Economic Corridor (CPEC)-related projects,” he said.
Pakistan imported goods worth $13.68 billion annually from China, but its exports stood at just $1.59 billion.
Chawla pointed out that businessmen of both countries were until now counting on non-banking channels and made imports and exports through the centuries-old barter system.
Pakistan importers and exporters are also forced to channelise their business transactions through foreign banks that have branches in Pakistan as well as China.
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However, sometimes during these transactions, disputes of different nature propped up and in most cases Pakistan businessmen had to suffer financially, Chawla revealed.
He voiced hope that business deals made outside of the banking channels would be regulated through NBP, which would eliminate the chances of financial disputes that were the most discouraging.
Published in The Express Tribune, October 8th, 2017.
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