ISLAMABAD (APP) Pakistan and China Thursday agreed to launch new Five Year Development Plan (FYDP) besides approving the proposals for 36 projects worth $13.285b in various fields to further boost bilateral economic cooperation between the two friendly countries. The Pak-China Joint Committee on Economic, Trade Scientific and Technical Cooperation (JEC) held 14th session with Finance Minister Dr Hafeez Shaikh and visiting China International Trade Representative, Ministry of Commerce, Gao Hucheng in chair. The proposals of the projects agreed upon are related to development of industry, water and energy, agriculture, fisheries and communication. The JEC also agreed to boost exports from Pakistan to China by providing tariff relaxation through Free Trade Agreement, Hafeez Shaikh and Hucheng said while addressing a joint press conference after the meeting. Shaikh said China would also send purchasing missions to Pakistan to book orders for exports and facilitate Pakistani exporters to visit China and participate in trade fairs to explore markets for their products besides building their capacity. In addition, the JEC agreed to enhance Chinese investment in various sectors of countrys economy including agriculture, electricity finance, mining and infrastructure, he added. Shaikh said the bilateral trade between the two countries was $6.2 billion, which had been witnessing 30 per cent increase on yearly basis, adding that the JEC agreed to help boost balanced trade between the two countries. The federal minister appreciated the immediate response of the Chinese government in provision of relief goods for the flood victims and the announcement of $250 million grant for reconstructing the infrastructure destroyed by the floods. He said the authorities concerned of the both the countries would meet soon to fix priorities for spending the post-flood assistance for the development of flood-hit areas. Gao Hucheng said the increasing economic and trade relations between the two countries were a proof of the time-tested friendship. He noted that significant progress had been made in the fields of economy and trade cooperation since holding of 13th JEC in April 2007. Gao said although trade between the two countries was in Chinese favour, however, efforts would be made to encourage balanced trade by enhancing Pakistani exports to China. The JEC reaffirmed strong support in advancing cooperation between the two countries in trade, economic, scientific and technical sectors as guided by the mandate of the commission. The JEC reviewed the ongoing FYDP and appreciated that a large number of mega projects of strategic importance had been completed under this programme. Both the sides reiterated that economic cooperation between the two countries was a major contributing factor in bringing the people of Pakistan and China close to each other.